Thomas cook subsidy Condor to keep flying with Government backed bridging loan…

German carrier Condor, a subsidiary of the defunct ThomasCook Group, has been granted a bridging loan by the German Government to continue its operation. The German government and the Hesse state government pledged a six-month bridging loan of 380 million euros., but the amount will be released after the European Commission examine the credit of the airline. Condor was founded in 1955 and was acquired by the Thomas Cook group ten years ago holding 49% stake. Thomas Cook, collapsed on Monday 23rd Sept after it failed to contract a £900m rescue package from its largest shareholder, Fosun, its bondholders and lending banks. Fosun is a Shanghai-based conglomerate and its chairman, Guo Guangchang, have built up a massive, 18% stake in Thomas Cook, was worth as much as US$1.5 billion. As Thomas cook began to lose money, by August, Fosun and Thomas Cook had managed to agree on a deal that would give Fosun 75% control of Thomas Cook’s tour business and 25% of its airline. However, that deal fell through in September, as new debts piled up to £1.2 billion. Nearly 5,000 jobs at Condor will be protected under this rescue package and “We do everything in our power to ensure the continued existence of our company,” said Stefanie Berk, CEO. 


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