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Condor Thomas Cook

Condor bridge loan approved

Condor Thomas Cook

© Condor

Following the bankruptcy of the travel group Thomas Cook, the profitable German subsidiary airline Condor has secured a 6-month bridge loan in the amount of 380 million Euros from the State and Hessian government. The loan approval must still be confirmed by the EU Commission before the credit institude for reconstruction (Kreditanstalt für Wiederaufbau) can pay out the amount. The funds are intended to prevent a possible liquidity bottleneck as a result of the Thomas Cook bankruptcy. Meanwhile, flight operations at Condor continue.

 

"4,900 employees, partners and customers of Condor thank the federal government and the state government of Hesse for their approval. Condor is a financially sound and profitable company which will acheive positive results even in this year. As our cashflow for the seasonally weaker booking period has been used up by our insolvent parent organisation, we need this bridge loan for the winter. This approval is an important step in securing our future" said Ralf Teckentrup, Chairman of the Management Board.

 

Condor Flugdienst GmbH intends to file an application for the opening of a protective shielding procedure in order to free itself from possible claims of the insolvent parent company Thomas Cook Group plc and to separate itself from the group. "As a profitable company with a positive cash flow and good business development, we are using the shielding process to free ourselves from possible claims by our English parent company Thomas Cook Group plc.“, said Teckentrup. The protective shield procedure is a special feature of German insolvency law, which can be granted in cases with a positive prospect of successful restructuring by a court.

 

(Condor, career.aero)

Sep 25, 2019

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