The German and the Hessian state government have given a guarantee for a loan with €550 million from the federal government's Corona Shield Programme.
Condor will receive a loan of €294 million as corona aid as well as €256 million to fully refinance the bridging loan that the leisure airline received for last winter following the insolvency of Thomas Cook. The EU Commission has given its approval already. Condor had applied for the guarantee in order to prevent liquidity bottlenecks caused by the immense impact of the Corona pandemic on air traffic and to repay the existing loan despite the withdrawal of the contractually agreed new owner PGL (Polish Aviation Group).
"As an operationally healthy and profitable company, Condor has gotten into trouble for the second time in almost half a year through no fault of its 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," said Ralf Teckentrup, chief executive of Condor.
"Our employees in particular has 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".
Yearly, around 9.4 million passengers fly with Condor from eight German airports to around 90 destinations in Europe, Africa and America. In the 2018/19 financial year, Condor generated an operating profit of around €57 million and sales of around with €1.7 billion. Condor operates a fleet of more than 50 aircraft, which are maintained by its subsidiary Condor Technik.