Danish carrier Cimber Sterling has suspended operations and declared bankruptcy after its owner pulled all financial support to the venture. The airline closed its doors on the morning of May 3, 2012 becoming the second major carrier to Denmark to fail in the past five years.
The no-frills carrier has been flying for more than 60 years, initially offering regional flights, but more recently expanding into the low-cost sector. It is owned by Mansvell Enterprises Ltd, an investment vehicle of Ukrainian businessman Igor Kolomoisky, which gained majority control in August last year.
In a formal statement the airline said: “The owners of Cimber Sterling have decided not to support the company financially any longer. Because of that the Board of Directors has decided to declare the company bankruptcy and a declaration of bankruptcy has been handed over to the court of Sønderborg.
“The management team of the company is highly sorry that this is the outcome of several months of intense work ensuring a turnaround but the management will be fully supportive for the curator the coming days to ensure as much value as possible in the company.”
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