Air Berlin has one last shot at turnaround: CEO

Berlin

AIR Berlin has one last shot at turning itself around, its chief executive told a German newspaper, underlining the scale of the challenge facing Germany's second largest airline.

The budget airline, 29 per cent owned by Abu Dhabi-based Etihad, has made operating losses in four of the last five years and changed its chief executive four times in the last three years as it seeks to stem losses and reduce debt. "It's our last shot. We have to manage it now, there won't be a second chance," Stefan Pichler told Sueddeutsche Zeitung published on Saturday.