Condor Receives Pledge of Financial Support From Federal and Hessian State Governments
Condor announced on Monday that they have received pledges of financial support and loan guarantees from both the German Federal Government and the Hessian State Government. The carrier will receive loans totaling €550 million.
Today, German leisure carrier Condor announced that they have received pledges of loan guarantees from both the German Federal Government and Hessian State Government. The carrier will receive a loan of €294 million from the Federal Government’s Corona Shield Program as well as an additional €256 million to completely refinance the bridge loan it received after the collapse of Thomas Cook last year. The finding scheme, which has already received EU approval, will sure up the carrier’s liquidity position after the Polish Aviation Group (PGL) withdrew from a previously agreed to acquisition deal. In Monday’s announcement, Condor’s CEO, Ralf Teckentrup said,
“As an operationally healthy and profitable company, Condor has gotten into trouble in the second time in almost half a year through no fault of our own – once by Thomas Cook and then by the effects of the Corona pandemic. We are very grateful to the Federal government and the Hessian State Government for their support and would also like to thank all our customers, partners, service providers and supporters for their encouragement and trust. Our employees in particular have surpassed themselves in recent months and have more than fulfilled the trust placed in us. Even though the coming period will be a challenge, especially as an airline, we are confident that through the dedication, commitment and passion of each and every one of them we will continue to fulfill the trust placed in us.”
Condor continues to support the German health system and economy by continuing to operate freight flights and special flights to carry harvest workers from Romania to Germany. In the past two weeks alone, the carrier has transported more than 23 million face masks, two million gloves, and hundreds of thousands of protective suits to Germany. Additionally, in cooperation with the German Federal Foreign Office, tour operators and cruise lines, the airline has repatriated over 78,000 holidaymakers from around the world.