Frankfurt am Main, 12 March 2020 - Condor can leave the protective shield proceedings in the coming weeks: At today's creditors' meeting, Condor's protective shield plan was approved by the majority. This represents a further milestone in the protective shielding proceeding. The future owner, the Polish Aviation Group (PGL), can thus take over the and the bridging loan, which has been granted to Condor by the German government and the State of Hesse to bridge the winter season, will be repaid on time.
"The acceptance of our plan for a sustainable and profitable future for Condor is an important milestone for our customers and partners and, of course, for our employees. For all parties involved, it guarantees the important security of being able to continue to plan with a strong Condor as Germany’s most popular leisure airline," says Ralf Teckentrup, CEO of Condor. "I would like to thank all creditors for their support and trust.”
The protective shield plan was submitted to the district court of Frankfurt am Main on 11 February 2020. The measures contained in the protective shield plan set Condor up for a future without Thomas Cook. The former holding company of Condor had filed for compulsory liquidation in September.
"After the insolvency of Thomas Cook, Condor was predestined for a protective shield proceeding: The company has particularly been put in this position by the insolvency of its parent company. Today's approval by the majority of creditors clears the way for the future under the new owner PGL," says Prof. Dr. Lucas F. Flöther, Trustee of Condor Flugdienst GmbH.
The Polish Aviation Group (PGL), which is the owner of the profitable airline LOT, had signed a purchase agreement for Condor on 24 January 2020. Under the umbrella of the PGL Group, LOT and Condor will become one of the leading European aviation groups with more than 20 million annual passengers.