The airline Condor is supposed to receive from the Federal government and the state of Hesse EUR 380 million in the Form of a bridging loan. Thus, according to the insolvency of the parent company, Thomas Cook, the impending collapse is to be averted.
As a justification for the government loans Federal Economics Minister, Peter Altmaier (CDU) called it, that there is the possibility of “many jobs” in Condor permanently. The Federal government had taken its decision in accordance with economic criteria, said the Minister of economy. Condor can put a stop to the operation of the aircraft, and so structured, that the company could survive in the market.
With Condor, with 240,000 travellers from Germany are currently on their vacation places. This could it be allows to return to “acceptable conditions,” said Altmaier.
Not be paid the roughly 380 million from the German tax pot but still. First of all, the European Commission must consider the loan to Condor, says a press release from the group. Only then the amount could be provided.
Condor wants a “protective shield proceedings”
To get rid of the potential claims of the insolvent parent company, Thomas Cook, and to detach themselves from the group, intend to Condor flugdienst GmbH to submit an application for the opening of the so-called protective shield proceedings, it said. This is a special feature of the German insolvency law. So that Condor wants to get rid of the potential claims of the British-based parent company Thomas Cook’s name. “This step is the Best for our customers, our business partners and for us in the current situation. Because we gain full independence from the Thomas Cook Group plc and more certainty for our future.”
Flight operations continues
Because of the bankruptcy of Thomas Cook, the previously profitable Condor had applied for a state-guaranteed bridging loan, to prevent “liquidity constraints”. “4900 employees, partners and customers of Condor are grateful to the Federal government and the Hesse state government for their commitment,” said Condor. The airline is operationally healthy and profitable company that will also be reported in the current year, a positive result.
“Because of our liquidity for the seasonally weaker time of booking period of our insolvent parent company, due to has been consumed, we need this bridge funding for the Winter. The commitment is an important step to secure our future,” Condor boss Ralf Teckentrup.
Condor was founded in 1955 and went over ten years ago in the group Thomas Cook.
hf/boron (rtr, dpa, afp)