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Germany Grants Condor Additional €550M Loan Due To COVID-19

By  |  April 27, 2020
COVID

The German government and the federal state of Hesse have agreed to provide Condor Airlines with loans worth €550 million (US$596.31 million), the economy minister said on Monday, April 27, after the owner of Poland’s LOT pulled out of a deal to buy the airline.

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    “The company was operationally healthy and profitable in normal times and has good prospects,” Peter Altmaier said in a statement.

    Condor said in a separate statement that it would receive a loan of €294 million as coronavirus aid and an additional €256 million to completely refinance a bridging loan it received after the collapse of parent company Thomas Cook.

    With planes unable to fly because of travel restrictions, Condor grounded its fleet and called for State aid.

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