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LTU International Airlines

2006 - Acquisition of 100% of the LTU Group, besides Lufthansa / Condor Germany's only long haul carrier. Until 2005 LTU has been highly loss making since the bankruptcy of Swissair, LTU's owner until 2002.

With a turnover in excess of one billion euros, Germany's newest fleet of 15 Airbus 320 and 321 and 12 Airbus A330 LTU was Germany's 4th largest airline in 2006.

Peter Oncken stepped in as Chief Executive Officer of the airline. Hans Rudolf Wöhrl moved in as Chairman of the supervisory board.

Within shortest time

• LTU's cost structure was revised and immediate measures taken
• The company's structure was revised as well and measures taken to separate non-core-business activities as maintenance, IT et al. from the airline
• the airline's concept was revised and the seat-only business expanded with a stronger focus on business travel as well as on higher frequencies
• expansion focus on long haul with 2 additional A330-200 per year; medium haul was kept operating but with no growth potential
• measures taken to phase out unprofitable routes
• national and international airline partner were introduced to enlarge network
• the operation was concentrated on two German hubs; all other stations were closed;
• a transparent pricing system was introduced

2007 - Within one year operating revenue increases by 12% and break even reached in the financial year 2007

March 27th: Sale of all shares to Air Berlin.
August 17th: Peter Oncken steps down as CEO after sale has been approved by German antitrust agency