The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros ($596.31 million), the economy minister said on Monday, after the owner of Poland's LOT pulled out of a deal to buy the airline.
FILE PHOTO: A banner reding"Condor we love flying" is seen next to a check-in counter of airline Condor at the airport in Frankfurt, Germany, September 24, 2019. REUTERS/Kai Pfaffenbach
BERLIN - The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros , the economy minister said on Monday, 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 euros as coronavirus aid and an additional 256 million euros 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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