The German Government, in partnership with the state government of Hesse, has granted Condor airline a bridging loan worth 380 million euros (420 million dollars).
The airline, which is a subsidiary of Thomas cook, aims to remain in business even as the latter collapsed recently despite having a 49% share in Condor.
The German state of Hesse, where Condor is located, said it will assume 50% of the risk that the federal government is assuming by providing a state guarantee of 190 million euros.
The credit, however, must be approved by the European Commission before the proceeds can be paid out and will be valid for six months
Condor airline operates 59 of Thomas Cook’s more than 100 aircraft.
Condor airline is a German leisure airline based in Frankfurt and a subsidiary of the insolvent Thomas Cook Group. It operates scheduled flights to leisure destinations in the Mediterranean, Asia, Africa, North America, South America, and the Caribbean. Its main base is at Frankfurt Airport with further smaller bases at other German airports.
See Also:
