An article by JUVE-Newsline. Translated by Zeitfracht.
Feburary 21, 2019
The airline Eurowings is already selling the former Air Berlin subsidiary Luftfahrtgesellschaft Walter (LGW). The company becomes the property of the Berlin-based Zeitfracht Group in April.
Eurowing‘ parent company Lufthansa took over LGW in December 2017 with personnel and flight rights from the insolvency estate of Air Berlin. Slots and route rights of Air Berlin were also transferred at the time.
LGW’s 17 so-called Dash propeller aircraft will continue to operate for Eurowings with the same crews because a long-term leasing contract was concluded at the same time. Nothing would change for the approximately 450 employees, as this would be a regulated transfer of operations.
The Berlin family-owned company Zeifracht currently has a turnover of around 300 million euros. It is already active in the charter flight business and leases aircraft and personnel to other airlines. In 2017, Zeitfracht bought Cologne-based WDl Aviation and at the beginning of the year, invested in the Romanian scheduled and charter airline Blue Air. Zeitfracht had secured Leisure Cargo, the cargo centre broker, from Air Berlin’s insolvency assets and Air Berlin-Technik together with the buyer Nayak.
Inhouse Law (Berlin): Christiane Schreff (Head of Law) − known in the market
Görg (Cologne): Dr. Michael Dolfen (Corporate law/ M&A), Dr. Marcus Richter (Labour law), Dr. Christian Bürger (Competition law); Associate: Claus Schiller (Corporate law/ M&A)
Hengeler Mueller (Düsseldorf): Dr. Bernd Wirbel; Associate: Dr. Maximilian Schauf (both corporate law/ M&A) − known in the market
Background: Görg was already seen at the side of Zeitfracht Luftfahrt Holding when it acquired Leisure Cargo and other assets from the insolvency assets of Air Berlin. Even then, transaction partner Dolfen was already working together with his partner Dr. Wolfgang König. The firm had also supported the purchase of WDl Aviation.
With legal counsel Schreff, Zeitfracht has a corporate lawyer on board who brought with her several years of experience from the major law firm Clifford Chance and from the airline Air Berlin when she joined the company in 2018.A purchase agreement for 100 percent of the shares in LGW has now been concluded. At the same time, the contracting parties secured the wet lease procedure, which regulates the use of the LGW aircraft fleet.
As far as known, Lufthansa again cooperated with Hengeler Mueller’s Düsseldorf office in the sale of the airline Walter. It has already placed its trust in Hengeler and Latham & Watkins for the entire Air Berlin complex, including the LGW acquisition in December 2017 and the associated negotiations with the EU Commission.
According to market information, the most recent transaction was notarised by the Berlin notary Christian Steden from the law firm Kärgel de Maizière & Partner. (Sonja Behrens, with material from dpa)