Reuters: Bankruptcy News: UPDATE 1-Managers to buy bankrupt Danish airline Cimber

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UPDATE 1-Managers to buy bankrupt Danish airline Cimber May 16th 2012, 09:30 Wed May 16, 2012 5:30am EDT (Adds details, background, quote) COPENHAGEN May 16 (Reuters) - Managers of bankrupt Danish no-frills airline Cimber Sterling are to buy the core of the business, which will continue to fly under the Cimber name. Its former Ukrainian owner Igor Kolomoisky will buy Cimber Air Maintenance Center and Cimber Air Data units, the airline said on Wednesday. It gave no financial details of the deals. The airline declared bankruptcy two weeks ago after turnaround efforts failed and its owner, Kolomoisky's Cyprus-based Mansvell Enterprises Ltd, withdrew financial support. "The deals mean that a significant part of Cimber Sterling's activities have now been sold and not least, that between 200 and 260 jobs have been saved," the company said. Cimber said it will focus on contract business, operating flights for other companies. The airline, listed on the Copenhagen bourse in an initial public offering in 2009, had tottered on the brink of insolvency last year, but was rescued by Kolomoisky. However, his company, Mansvell, which also owns Sweden-based regional airline Skyways and City Airline, pulled its support for Cimber two weeks ago, shelving plans to create a significant Nordic airline. Also on Wednesday, Scandinavian airline SAS said it had agreed with Cimber to hold on to an earlier agreement for the company to continue to operate four aircraft for SAS. (Reporting by Mette Fraende; Editing by Erica Billingham) Link this Share this Digg this Email Reprints

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