Icon: enlarge
Condor machine 2019 at Düsseldorf Airport: Restructuring final
Photo:
Marcel Kusch / dpa
The state supported the ailing airline Condor with a loan of 550 million euros.
Now the company, which has been badly hit by the bankruptcy of the parent company Thomas Cook, can soon finally close the insolvency proceedings.
The creditors' meeting approved the restructuring plan by a majority, announced Condor in Frankfurt.
Since no further legal remedies are possible, the proceedings will end at the end of November.
"The way is now clear that December 1st will be a fresh start as a healthy company for Condor," said airline boss Ralf Teckentrup.
The plan was immediately confirmed by the responsible judge and is therefore legally binding, as a spokesman for the Frankfurt District Court confirmed.
Financially, Condor is still dependent on the state bank KfW, which granted the large loan.
Due to the ongoing corona crisis, the search for a new investor has been postponed.
Until further notice, his position will be held by SG Luftfahrtgesellschaft, a trustee from the Noerr law firm.
The previous management around Teckentrup remains in office and should start a new investor process if the market situation improves
Only 13 million euros for the creditors
"The way is now clear that December 1st will be a fresh start as a healthy company for Condor," said Teckentrup, according to a press release.
Customers and partners could also rely on the airline in the future.
When looking for an investor, there is no time pressure, he told the "Handelsblatt".
He doesn't expect it in the next few months.
About a year ago, Condor got caught up in the maelstrom of the bankruptcy of Thomas Cook, but was considered to be able to survive on its own.
The protective shield proceedings, a variant of insolvency for companies capable of restructuring, should actually be concluded in spring.
But the Polish aviation company PGL, the parent company of the airline LOT, dropped out as a buyer due to its own problems in the corona crisis.
Condor had to be supported with additional state loans, for which the federal government and the state of Hesse as their home location are currently standing, and the procedure was extended.
With the end of the procedure, Condor is discharged with the exception of the KfW loan.
The creditors, who had registered billions in claims, have to be content with 13 million euros, as it was called in procedural circles.
Administrator Lucas Flöther will soon be able to finish his work at Condor.
Under the supervision of the restructuring expert, the airline had implemented a tough savings plan, which once had almost 5000 employees.
Teckentrup cut costs through downsizing, the loss of income for employees and the relocation of the company headquarters.
By the end of 2021, Condor undertook to refrain from redundancies for operational reasons.
In September Condor had 25 to 30 percent of the planned capacity on offer with its fleet of around 50 aircraft.
For the winter, the Condor boss expected only ten to 15 percent.
Icon: The mirror
apr / Reuters / dpa
