Ryanair (FR, Dublin International) and Wizz Air (W6, Budapest) could be forced to abandon their Hamburg Luebeck, Germany operations following reports the airport is now facing serious viability problems. Germany's NDR says Egyptian investor Mohamad Rady Amar has sold his shares in logistics and project management firm, 3Y Logistic und Projektbetreuung GmbH, which is responsible for running the facility. Amar is also alleged to have "disappeared".
3Y's parent firm, Yasmina Flughafenmanagement GmbH, itself is also facing serious funding problems in light of lingering debts and a poor credit rating.
The fallout comes after Amar was dismissed from the post of Managing Director of the airport following a decision taken during a meeting on March 31. Berlin businessman Adam Wagner has been appointed the new Managing Director, said a Lübeck court spokeswoman.
Amar bought the airport for the symbolic sum of EUR1 in late 2012 promising to bring in over EUR20million of foreign investment to the airport. Among the conditions of the sale was Amar assumption of the airport's accumulated debt of almost EUR40million. NDR claims none of the promises were fulfilled.
Lübeck Airport is a minor international airport located 54km northeast of Hamburg.
