Federal Economics Minister Altmaier has just announced his decision in the Condor case. The federal government will provide a loan of 380 million Euros ( the state of (Hessen will contribute 50%). It is about a healthy company and the rescue of 5,000 jobs, according to the headline statement. See here his reason in the video.
Condor is currently commenting on this as follows. Quote:
Condor Flugdienst GmbH today received a guarantee from the federal government and the state government of Hessen for a six-month bridging loan of 380 million Euros. This commitment is a prerequisite for an examination by the European Commission. Only after a positive decision from Brussels will the loan amount be disbursed by KfW. It is not yet possible to say when the decision from Brussels will be available.
The state guarantee for a bridging loan was applied for in order to prevent possible liquidity bottlenecks at Condor resulting from the insolvency of the English Condor parent company Thomas Cook Group plc.
“4,900 employees, partners and customers of Condor thank the Federal Government and the Hessian State Government for their commitment. Condor is an operationally healthy and profitable company, which will also record a positive result in the current year. Because our liquidity for the seasonally weaker booking period was used up by our insolvent parent company, we need this bridge financing for the winter. This commitment is an important step towards securing our future,” said Ralf Teckentrup, Chairman of the Management Board.
Fleet in operation on schedule
The flight operations of Condor continue as planned. The highly motivated employees work around the clock to bring customers reliably to their holiday destinations all over the world and back home.
Independence from Thomas Cook Group plc. through umbrella protection procedures
Condor Flugdienst GmbH intends to file an application for the opening of a protective umbrella 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.