Condor & Thomas Cook Airlines Scandinavia keep flying

As the inquest into the collapse of the Thomas Cook group continued last week (see story in this issue), the company’s German airline Condor secured a €380m (£336m) bridging loan from the German government to allow it to continue flying over the winter.

The airline management said the money, which is subject to approval by the European Commission and is for a period of six months, would give it a breathing space while it seeks a new owner.

Thomas Cook’s main German subsidiary, Thomas Cook GmbH, announced on Wednesday it was following its British parent company into bankruptcy but reports noted that unlike the tour operators, Condor remained profitable.

Condor chief executive Ralf Teckentrup said the airline had applied for the loan to prevent any “liquidity bottlenecks” resulting from the insolvency of its former British parent.

He added: “Because our liquidity for the seasonal weaker winter booking period was used up by our insolvent parent company, we need this bridge financing for the coming winter season as an important step in securing the future of our business.”

Condor, which said flights and ticket sales were operating as normal, is reported to be applying for a form of insolvency protection in Germany to allow it to restructure as an independent airline.

Thomas Cook Airlines Scandinavia has also resumed flight operations.

(See also COMMENT in this issue).

www.condor.com

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