The Insolvency of Frankfurt Hahn Airport has been revealed.
A German district court has ruled the Frankfurt-Hahn airport bankrupt. The position of the airport was first published by Wirtschaftswoche. An administrator has been appointed to see if the situation at the airport can be resolved.
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Although Frankfurt-Hahn is named after the German city of Frankfurt, it is not the most convenient airport for those traveling to Mainhattan. The airport is located in the west of the city, just under two hours by car, and in a completely different state. Once a growing monopoly of Ryanair, the airport has suffered since the LCC boarded the main airport in Frankfurt.
According to Wirtschaftswoche, Frankfurt-Hahn airport is insolvent. The Bad Kreuznach District Court confirmed this this morning. These confirm that the airport has entered an administrative period for the law firm Brinkmann & Partner.
The airport is located in the German state of Rhineland-Palatinate. However, his property is not in the state today. According to local Frankfurt radio FFH, the state converted the airport from a US military base and later sold it. Today, 82.5% of the airport is owned by the Chinese group HNA. In January 2021, Simple Flying reported that the HNA Group was insolvent. The remaining 17.5% belongs to the neighboring Rhineland-Palatinate state of Hesse, which also includes the city of Frankfurt.
Over the past 15 years, the number of scheduled flights through Frankfurt-Hahn Airport has steadily decreased, even without the effects of the COVID19 pandemic. According to aviation data expert Cirium, around 28,756 flights to the airport were planned in 2007, about 79 a day.
For 2019 it was 70% to 8,590 flights in 2019. It has been even worse in recent years due to the COVID19 pandemic. This is mainly due to the constant withdrawal of the European LCC giant Ryanair. The Irish LCC was responsible for 97% of passenger flights in 2007, which had fallen to 82% in 2019.
Frankfurt-Hahn has always been one of the airports in the Ryanair network that are known for not being close to the city they serve. At the time, Ryanair couldn't fly to Frankfurt at a price they could afford. The airline began serving the city directly in 2017, leading to a significant reduction in services in recent years.
While the number of passenger flights using the airport has decreased with the withdrawal of Ryanair, cargo companies at the facility have increased. According to information from Cirium, 3,479 cargo trips were planned for Hahn in 2006. This increased by more than 800% and peaked at 31,745 flights in 2018.
Simple Flying contacted representatives from Frankfurt-Hahn Airport to give a statement.
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