Thomas Cook's Condor "running as normal" after Germany's 380 mln euro bridging loan

Record ID: 1433359

  • Title: Thomas Cook's Condor "running as normal" after Germany's 380 mln euro bridging loan
  • Date: 25th September 2019
  • Summary: DUSSELDORF, GERMANY (SEPTEMBER 23, 2019) (REUTERS) VARIOUS OF THOMAS COOK GERMAN SUBSIDIARY "CONDOR" PLANE TAKING OFF FRANKFURT, GERMANY (SEPTEMBER 25, 2019) (REUTERS) CHRISTOPH DEBUS, HEAD OF THOMAS COOK AIRLINES WHICH INCLUDES CONDOR, IN DISCUSSION
  • Embargoed: 9th October 2019 14:45
  • Keywords: Thomas Cook Germany insolvency bankruptcy Condor airline tourists flights plane travel agency
  • Location: DUESSELDORF & FRANKFURT & OBERURSEL, GERMANY
  • City: DUESSELDORF & FRANKFURT & OBERURSEL, GERMANY
  • Country: Germany
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA001AY5MC99
  • Aspect Ratio: 16:9
  • Story Text: Germany will guarantee a 380 million euro ($418.6 million) bridging loan for Condor, the German airline owned by insolvent British travel operator Thomas Cook, to enable it to continue flying and save jobs, the economy minister said late on Tuesday.
    The airline had said on Monday it would carry on its operations and that it would ask the German government for a bridging loan despite its parent company's collapse.
    It is a separate legal entity from Thomas Cook and is still profitable.
    The loan is is still subject to the European Union's approval.
    The German move contrasts with the actions of the British government, which opted against bailing out Thomas Cook.
    On Wednesday, Thomas Cook GmbH, the German unit of the insolvent British travel operator, also filed for insolvency with a view to carving out its brands and businesses from their failed parent.
    "We took the necessary step which was to file for insolvency in order to provide clarity and to decide how to continue," said Thomas Cook Germany managing director Stefanie Berk.
    Thomas Cook GmbH filed for insolvency seeking to orderly redress and restructure the business and continue profitable operations, with a liquidator already in talks with the company, according to Berk.
    (Production: Stephane Nitschke, Andreas Buerger, Michele Sani)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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