While remaining an asset of the now defunct Thomas Cook Group, Condor Flugdienst GmbH (Condor) the German charter airline, has announced that it is once again a healthy company.
On September 25, 2019 Condor obtained credit facilities of €380 million (US$460 million) while on December 19, 2019 “Schutzschirmverfahren” (protective shield proceedings) began under the Frankfurt jurisdiction.
“Condor is leaving what is probably the most challenging time in the company’s history behind it today and is beginning a new chapter. For our customers and partners, this means that they can continue to rely on Condor,” says Ralf Teckentrup, CEO of Condor.
Through numerous cost-cutting measures which came about through the carrier’s restructuring, operations now have a more secure foundation. Operating out of new cost-efficient premises and subsequent to viable collective agreements with several unions, 4,200 jobs are now safer as a result of new-found operational flexibility. “Following the successful restructuring, Condor is now much leaner and more efficient. The airline is in pole position as soon as tourism starts up again,” said Prof. Dr. Lucas Flöther, administrator of Condor’s protective shield proceedings at its conclusion. “Condor is thus the first company in this industry to have undergone a protective shielding proceeding so successfully. All parties involved have done everything possible to save the company. The whole process was first-class teamwork”.
