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  HOME | Business & Economy (Click here for more)

Condor Continues to Fly Thanks to German Government Loan

BERLIN – The Condor airline, a German subsidiary of Thomas Cook, will continue to fly normally Wednesday thanks to a 380 million euro six-month bridging loan issued by the German government and the state of Hesse.

The loan will now have to be approved by the European Commission before any money is transferred.

Condor requested the financial assistance after its British parent company Thomas Cook filed for bankruptcy early Monday.

“This step, under the current situation, is the best for our clients, our business partners and for us.

“This way, we can be fully independent from the Thomas Cook Group plc and gain more security for our future,” Condor said in a statement.

The German Ministry of Economy confirmed the loan, stating that the decision had been made between the Finance, Transport, Foreign Affairs and Justice ministries and that constructive talks were being held with the EC.

“4,900 Condor employees, partners, suppliers and customers thank the German government and the Hessian State Government for this decision,” Ralf Teckentrup, the airline’s manager, said.

“Condor is a healthy and profitable company, which will also record a positive result in the current year.

“Because our liquidity for the seasonal weaker winter booking period was used up by our insolvent parent company, we need this bridge financing for the coming winter season.

“This decision is an important step towards securing our future of our business,” Teckentrup added.

Condor intends to declare itself insolvent applying a variant of the German system – which can be granted in cases where there are good prospects for the successful restructuring of a company – to free itself from Thomas Cook.

“As a profitable company with a positive cash flow and good business development, we are using the shielding procedure to protect ourselves from possible claims of our former British parent company, Thomas Cook Group plc.,” Teckentrup said.

“Our fleet is operating and ticket sales for Condor flights continue as normal,” he concluded.

 

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