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Condor: The holiday airline needs further financial aid

2021-03-08T11:25:36.824Z

With tough austerity measures and government aid, the airline was able to prevent bankruptcy. But in view of the corona crisis, the company needs money again.



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Boeing from Condor: restart with obstacles

Photo: CHROMORANGE / Markus Mainka / imago images / CHROMORANGE

It was about three months ago that the Condor vacation airline announced a new start: The group was leaving the so-called protective shield proceedings as a "healthy company," it said last December.

"Condor is starting a new chapter," said airline boss Ralf Teckentrup at the time.

Now the airline needs more capital again.

With reference to the extended corona lockdown and the hesitant flight demand, Condor confirmed that they were conducting "constructive exploratory talks" about financial support.

It remained unclear whether renewed state aid would also be discussed.

The »Handelsblatt« had previously reported on it.

Last year, Condor averted the impending bankruptcy and left the protective shield proceedings on December 1, 2020, in which it was comprehensively restructured.

The former subsidiary of the lost travel company Thomas Cook is held in the air by a trust company with a long-term loan from the state-owned KfW bank.

Of the 550 million euros committed in April 2020, 256 million were used to replace a previously existing short-term KfW loan.

The protective shield proceedings under administrator Lucas Flöther are said to have cost around 44 million euros, so that in the end around 250 million were left for the Condor as corona aid.

An investor should be found at a later date.

This search could now possibly be preferred.

With a fleet of around 50 aircraft, Condor is struggling to resume tourist flights and last year had assumed that there would be lively Easter business, which will now fail.

The airline is fighting with the Lufthansa Group over feeder flights to its long-distance flights, whose contractual terms Lufthansa terminated in November.

The crane group, which is also supported by the state, wants to push the long-haul tourism business itself.

The company was able to reorganize itself under the protective umbrella in its own administration and trim it to lower costs.

The number of employees fell by around 700 to 4,200 now. For the rest of them, collective redevelopment agreements were concluded with the unions, with financial losses for the employees.

The company has moved its headquarters from Frankfurt Airport to a more affordable property in nearby Neu-Isenburg

Icon: The mirror

mic / dpa

Source: spiegel

All business articles on 2021-03-08

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