Thomas Cook’s Condor to continue operations after securing €380 million German loan
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In the wake of the collapse of the Thomas Cook Group earlier this week, one division of the company will continue to operate. German airline Condor has received a €380 million ($418 million or £337 million) bridging loan from the German government and the state of Hesse, which is subject to approval from the European Commission. The loan is for a period of six months to ensure the airline can operate through the quieter northern winter period.
Condor’s CEO Ralf Teckentrup insisted the airline was and is profitable and will deliver a profit this financial year. Teckentrup explained that the additional capital it would usually reserve for the winter period, which sees far less travel demand, has already been used up by its now-insolvent parent Thomas Cook Group.
Condor operates a fleet of 42 aircraft — a mix of Airbus A320, A321, 757 and 767 aircraft from various operating bases in Germany including Dusseldorf (DUS), Frankfurt (FRA) and Hamburg (HAM) to 90 leisure destinations in Europe, Africa, North America, the Caribbean and Asia. The airline does not operate to the United Kingdom.
Thomas Cook GmbH, another German subsidiary of the Thomas Cook Group, announced its own bankruptcy on Wednesday, as did Polish subsidiary Neckermann Polska.
Featured image by Condor.
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