Germany considers 400 million euro loan for Thomas Cook's Condor: sources

Reuters 1 month ago

BERLIN (Reuters) - The German government and state of Hesse want to jointly support Condor, the German airline owned by insolvent British travel operator Thomas Cook, with a bridging loan of almost 400 million euros ($439.92 million), government sources told Reuters on Tuesday.

The sources said a decision on the financial support was expected later on Tuesday evening.

Germany’s economy ministry and the state of Hesse declined to comment.

The airline said on Monday it would continue operations despite its parent company’s collapse and that it had asked the German government for a bridging loan.

Earlier, German Economy Minister Peter Altmaier had said the government would decide within the next few days on whether to offer financial support to Condor.

Condor, based in the western state of Hesse, employs about 4,500 people. It has stressed that it is a profitable enterprise and expects earnings before interest and tax to rise in the current financial year ending Sept. 30 from about 43 million euros previously.

The British government opted against bailing out Thomas Cook as it would have been a waste of taxpayers’ money to throw good money into a business that was not meeting the needs of its customers, a British minister said earlier on Tuesday.


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ABC News › Finance › 1 month ago
The German government says the European Union has approved its decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro ($419 million) bridging loan to keep it in the air
Washington Times › Traveling › 1 month ago
The German government says the European Union has approved its decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro ($419 million) bridging loan to keep it in the air.
The New York Times › 1 month ago
The German government says the European Union has approved its decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro ($419 million) bridging loan to keep it in the air.
The Guardian › Finance › 1 month ago
Frankfurt-based airline Condor offered bridging loan after collapse of parent company Condor will continue to take to the skies after the German state shielded the airline from the demise of its parent company Thomas Cook with a €380m bridging loan...
Reuters › Finance › 2 months ago
Thomas Cook's German holiday airline Condor has asked the German government for a bridging loan, the company said on Monday, adding that it would continue its flight operation despite its parent company's insolvency.
Reuters › Finance › 2 months ago
Germany's state of Hesse, where collapsed travel group Thomas Cook's <TCG.L> German airline Condor is located, said it is ready to help the airline's application for a federal government bridging loan.
Reuters › 1 month ago
The German government will decide within the next coming days on whether to offer financial support to Condor, the German airline owned by insolvent British travel operator Thomas Cook , German Economy Minister Peter Altmaier said on Tuesday.
Reuters › Finance › 1 month ago
Germany's Condor, which is owned by British travel operator Thomas Cook, said on Thursday that a Frankfurt court had begun investor protection proceedings that should allow the airline to be restructured.
Reuters › Finance › 2 months ago
Flights by collapsed tour operator Thomas Cook's German subsidiary Condor were operating as normal and there is no need for a major repatriation mission, a spokesman for the German Aviation Association (BDL) said on Monday.
USA Today › Traveling › 1 month ago
In the wake of the collapse of its parent company, Thomas Cook Airlines, here's what you need to know about flying Condor Airlines.
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