Condor jobs seem to be secured!

After lengthy negotiations in recent days with potential investors and government representatives, the threat of Condor's insolvency appears to have been averted. Condor's approximately 4,000 jobs in Germany appear to be secure for the time being.

Condor was left reeling by the insolvency of its then parent company Thomas Cook in 2019. The dramatic consequences, also for Condor, of the travel restrictions due to the COVID 19 pandemic were bridged with a state loan and, above all, the company's own restructuring efforts, so that Condor was able to leave the protective shield proceedings again in December 2020.

The UK-based asset management company Attestor, founded by German Jan-Christoph Peters, joins Condor as the majority shareholder with 51 percent. The remaining 49 percent will initially remain with SG Luftfahrtgesellschaft, which has acted as trustee for Condor since the end of protective shield proceedings.

Attestor will initially contribute 200 million euros in fresh capital and invest a further 250 million in the medium term to renew the long-haul fleet.

Thus, the preservation of the good brand 'Condor' in the German market and, above all, the preservation of the German jobs seem to be secured for the time being. We are happy for all Condor colleagues! Let's hope for wise, business-friendly decisions of the politicians to lift the travel restrictions in air traffic soon!                                                                     (career.aero)

May 20, 2021