Condor Exits Protective Shield Proceedings as Financially Healthy Company
The German leisure airline has terminated protective shield proceedings and emerges as a healthy and financially sustainable company. Under the protective shield the airline was restructured with numerous cost-cutting and efficiency measures.
Today (December 1, 2020), German leisure airline Condor announced that they have terminated protective shield proceedings as a healthy and financially sustainable company. Under the proceedings, Condor went through a comprehensive restructuring and numerous cost-cutting and efficiency measures. The company moved to a new more cost effective headquarters and concluded viable collective agreements with all trade unions, allowing for more flexibility and efficiency, while safeguarding approximately 4,200 jobs through December 2021. In Tuesday’s announcement, Condor’s CEO, Ralf Teckentrup, said,
“Condor is leaving what is probably the most challenging time in the company's history behind it today and is beginning a new chapter. For our customers and partners, this means that they can continue to rely on Condor. I would like to thank all our supporters and companions, politics and our partners who continued to place their trust in us over the past 14 months. And also, the Condorians deserve our greatest thanks and recognition for their perseverance and commitment. It was worth it: Today our future as a healthy company begins.”
Also commenting on today’s milestone achievement, Condor’s Protective Shield Administrator, Professor Dr. Lucas Flöther added,
“Following the successful restructuring, Condor is now much leaner and more efficient. The airline is in pole position as soon as tourism starts up again. Condor is thus the first company in this industry to have undergone a protective shielding proceeding so successfully. All parties involved have done everything possible to save the company. The whole process was first-class teamwork.”
Founded in 1956, Condor is Germany’s favorite leisure airline, serving around 9.4M guests annually to 90 destinations in Europe, Africa and America from eight German gateways. During the financial year 2018/2019, Condor Flugdienst recorded a net profit of €57M on revenue of €1.7B. The German leisure carrier has a fleet of 50 aircraft which are meticulously maintained to the highest safety standards by their wholly-owned subsidiary Condo Technik with facilities in Frankfurt and Düsseldorf.