The German government is set to tide former Thomas Cook Group carrier Condor over with more emergency funding after the owner of Poland’s national airline Lot pulled out of a deal to acquire Condor.
Reuters reports Condor’s €380 million German government bridging loan, agreed following Cook’s collapse last year to make time to help Condor find a buyer, will be extended by a further €200 million.
Condor, Reuters, reports confirmed on Monday (20 April) talks with the government were ongoing. Germany’s economic ministry declined to comment.
Back in January, Poland’s state-backed Polish Aviation Group (PGL), which owns Lot, was announced as "strategic investor" for Condor and promised the airline’s future was "fully secured".
However, last week, PGL confirmed the deal was off, just days before the €380 million bridging loan – which PGL had pledged to help Condor pay back – was reportedly due.