Puren Germany GmbH, the Chinese firm which acquired ownership of Flughafen Lübeck GmbH in July last year, has filed for insolvency. The airport said in a statement that despite the filing, it is continuing to provide Wizz Air (W6, Budapest) and its passengers with full operations.
Owned by Chinese investment firm PuRen Group, Puren Germany had planned to develop Lübeck into a hub using start-up carrier PuRen Airlines (Lübeck) as a catalyst. However, the recent turmoil in China's markets coupled with the country's slowdown has severely affected its cashflow resulting in the cancellation of the project.
This is the second time in the space of sixteen months that the airport has been forced into insolvency as previous owner Egyptian businessman, Mohamad Rady Amar, through his logistics and project management firm 3Y Logistic und Projektbetreuung GmbH, did so in April last year.
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