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Cimber Sterling declared bankruptcy

Direct News Source

03-May-2012 The owners of Cimber Sterling has decided not to support the company financially any longer. Because of that the Board of Directors has decided to declare the company bankruptcy and a declaration of bankruptcy is handed over to the court of Sønderborg Thursday morning. The management team of the company is highly sorry that this is the outcome of several months of intense work ensuring a turn around but the management will be fully supportive for the curator the coming days to ensure as much value as possible in the company.

"It is highly sorry the the Board of Directors has been forced to take the decision to declare the company bankruptcy. The Board of Directors and the
management team has worked intensely to ensure a turn around of the company for several months but unfortunately we did not succeed before we ran out of time. It was simply not possible to change the direction of the company as fast as needed and thereby in due time deliver the necessary financial results," says Jan Palmer, CEO in Cimber Sterling and continues:

"The management team will work closely together with curator to ensure as much value as possible in the company and to continue as much of the operation as possible under a reconstruction of the company. It is our proposal to curator that we for a start and as a minimum continues to fly four aircrafts on the regional routes that the company are operating for SAS. At the same time we will suggest that we together with curator explores the possibilities to operate more aircrafts and thereby ensure as much value as possible for a possible buyer".

The court of Sønderborg will point out one or more curators that will handle the company going forward. Curator will handle the company and the
communication going forward as the management team formally will has stop working as the declaration of bankruptcy is handed over.

"It is a day of sorrow for Danish aviation, for Cimber Sterling and for me personally. But it is not at least sad for all the passengers that at this
moment have worthless tickets and lost expectations. And it is highly sad for a lot of employees that risk loosing their job," says Jan Palmer and continues:

"It is the expectation that a plan can be drafted within the next three days concerning the future of the company activities. Unfortunately in situations
like these there will be a lot of loose ends that have to meet. Therefore we will work intensely on all options the coming days".