The German government and the Hessian state government have pledged their support to Germany’s leisure airline Condor, through a guarantee for a loan from the federal government’s corona-shield program.
Condor will receive a loan of €294 million (US$320 million) as corona-aid as well as €256 million (US$279 million) to fully refinance the bridging loan that the leisure airline received last winter following the insolvency of Thomas Cook. The EU Commission has already given its approval.
Condor had applied for the guarantee in order to prevent liquidity bottlenecks caused by the immense impact of the corona pandemic on air traffic and to repay the existing loan despite the withdrawal of the contractually agreed new owner PGL (Polish Aviation Group).
