Did you think it was all over? It turns out the whole thing with IAG May now be in jeopardy because an Austrian court has ruled that the bankruptcy proceedings which took place in Germany – that’s where NIKI got most of its income – should have taken place in Austria where it has its head office.
The CEO resigned yesterday saying that new managers would be required going forward, but good news was that Austria extended NIKI’s AOC so that it didn’t loose slots.
IAG said they’ll do whatever is necessary to ensure the transaction goes through. It’s not certain Austrian bankruptcy courts will accept the deal as it is.