Condor seeks loan as London defends Cook non-action

Berlin/London (dpa), 24 Sept, 2019 -  German Economy Minister Peter Altmaier said Tuesday a decision will be made “in the next few days” on whether to grant a bridging loan to German charter airline Condor, one of many companies impacted by the collapse of parent company Thomas Cook.  

Speaking in Berlin on the margins of an industrial conference, Altmaier noted that Condor’s problems were “not self-made” but due to the bankruptcy of its parent company.  

It also remains to be seen whether an investor might want to take over the company with its 4,900 employees from Thomas Cook.  

British tour operator Thomas Cook collapsed and filed for liquidation on Monday. The collapse has left tens of thousands of holidaymakers stranded and tourism industries bracing for a financial blow.  

Unlike the parent company, Condor is not insolvent, but has requested a 200-million-euro (220-million-dollar) bridging loan from the German government to guard against potential “liquidity shortages.”