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The European Commission has approved plans to grant a €380 million loan to Condor, the German leisure airline and subsidiary of the now defunct Thomas Cook Group.
Even after the insolvency of a parent group, Condor continued its flight operations according to the plan. Thus, the airline is interested in saving its “healthy business” and is positively disposed towards its recovery.
Correspondingly, after applying for the loan, Condor has finally got green light. The rescue loan would be issued for maximum six months during which the airline will have to find solutions to survive through the current situation.
“The measure will contribute to ensuring the orderly continuation of air transport services and avoid disruptions for passengers, without unduly distorting competition in the Single Market”, says European Commission in a statement.
Germany committed to ensure that after the half-year period the airline fully repays the loan, otherwise the Condor will carry out a comprehensive restructuring in order to return to viability in the long-term.
Condor said that its management will now focus on a restructuring plan “to use the shielding procedure to align and set up Condor for a future without Thomas Cook”.