Germania airline files for insolvency

BERLIN (AA) - Germany's low-cost airline Germania has filed for bankruptcy and stopped all flights, the company said on Tuesday.

The airliner’s CEO Karsten Balke said in a statement that the company faced huge challenges due to rising fuel prices and weakening of the euro against the U.S. dollar.

“We very much regret that consequently, our only option was to file for insolvency,” he said, adding that all flights were terminated on Monday night.

“I apologize to our passengers who now cannot take their Germania flight as planned,” he said.

Several German airlines, including Eurowings and Condor announced that they would offer discounted fares for passengers who had purchased tickets from Germania.