Air Berlin’s TopBonus Program to Close After Restructuring Attempt Fails

By Paul Riegler on 4 May 2018
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Air Berlin business-class check-in at JFK

Air Berlin business-class check-in at JFK

Air Berlin’s former frequent flyer program, TopBonus, announced late Friday that it was shutting down as a “precautionary measure.”

“Unfortunately, we must inform you today that the insolvency administrator had to shut down the business operations of topbonus Ltd. as a precautionary measure,” the company said in a message on its website.

Christian Otto, the company’s insolvency administrator, informed members of the program that the letter of credit provided by the planned investor had been withdrawn by the bank that issued it.

Given the circumstances, the planned insolvency plan is being converted to a liquidation process, Otto said. “Insolvency law provides in such a case for the mandatory closure of business operations in order not to harm creditors by continuing the business without any prospects of success.”

The earning and redemption of miles remains suspended and the company’s website is slated to go offline “soon” he added.

Air Berlin itself shut down in October 2017.

(Photo: Accura Media Group)

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