Condor airline to receive €550m loan from KfW
German holiday airline Condor has been cleared by the European Commission to receive a government loan of €550 million ($597 million) from the development bank KfW amid the COVID-19 crisis.
Condor said the loan was made up of €294 million from Germany's coronavirus state aid and an additional €256 million to fully refinance the existing bridging loan that Condor had received after the insolvency of Thomas Cook.
Condor was "operationally healthy and profitable in normal times and has good future prospects", German Minister for Economic Affairs Peter Altmaier said.
After the bankruptcy of its then parent company Thomas Cook at the end of September last year, Condor had already received a bridging loan from the German government of €380 million.
Two weeks ago, the Polish aviation group PGL canceled its takeover bid of Condor, which had been announced in January.
