A PYMNTS Company

Germany Grants Condor Additional €550M Loan Due To COVID-19

By  |  April 27, 2020

The German government and the federal state of Hesse have agreed to provide Condor Airlines with loans worth €550 million (US$596.31 million), the economy minister said on Monday, April 27, after the owner of Poland’s LOT pulled out of a deal to buy the airline.

“The company was operationally healthy and profitable in normal times and has good prospects,” Peter Altmaier said in a statement.

Condor said in a separate statement that it would receive a loan of €294 million as coronavirus aid and an additional €256 million to completely refinance a bridging loan it received after the collapse of parent company Thomas Cook.

With planes unable to fly because of travel restrictions, Condor grounded its fleet and called for State aid.

Full Content: Simple Flying

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.