Air Berlin is facing what is perhaps the most difficult phase in its corporate history—preparing to join the Oneworld alliance and aiming for a financial turnaround as CEO Joachim Hunold's more than 20 years at the helm draw to a close. Europe's sixth-largest airline is exemplary of a new breed of hybrids that combine legacy airline and low-cost carrier features, a strategy that has become popular for many that originally followed a pure LCC model. Unfortunately for Air Berlin, its ...

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