Condor Keeps Flying After Thomas Cook Collapse
Airline to receive loan from German government, spin off from bankrupt travel company
By Natalie Fiorilli
Published September 30, 2019
Read Time: 2 mins
Following the collapse of Thomas Cook Group last week, Frankfurt-based Condor Airlines, a subsidiary of the British tour company, will continue to operate normally, airline officials said last week.
On Sept.24, the airline announced it will receive a six-month bridge loan from the federal German government and the state of Hesse (where Frankfurt is located). Pending approval from the European Commission, Condor will receive 380 million Euros, which will help mitigate the effects of its parent company’s bankrupt status, according to the airline.
“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,” Condor CEO Ralf Teckentrup said. “This decision is an important step towards securing the future of our business.”
In another statement released last week, Condor shared that it is a profitable company, generating 43 million Euros last year and expecting an even more successful financial year in 2019.
Along with the bridge loan, Condor plans to file for a protective shielding procedure, a special legal action in Germany, to separate itself from Thomas Cook and avoid furth