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.
“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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