FRANKFURT—Air Berlin is facing severe cost reduction targets for the planned Eurowings wet-lease deal. Air Berlin needs another €500 million ($562 million) in financing to bridge the seasonally slow winter and the transition to its new business model, industry sources with knowledge of the situation said Sept. 29. The carrier is facing “a double-digit-million-euro figure” in expenses to cut 1,200 jobs, according to CEO Stefan Pichler. But that is only part of the ...

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