The EU said yesterday it has approved to grant Condor, a subsidiary of collapsed tour operator Thomas Cook, a total amount of 380 million euros ($419 million).
The loan, split between the federal government and the German state of Hesse, is aimed at keeping Condor afloat. The airline plans to extract itself from joint liability with Thomas Cook, according to Berlin.
The commission – which acts as the EU's competition watchdog – approved the loan after establishing that it would not give Condor an unfair advantage.
“The measure will contribute to ensuring the orderly continuation of air transport services and avoid disruptions for passengers,” it added.
The six-month loan will be paid out in installments “under stringent conditions,” the commission noted, adding that Condor would have to demonstrate its liquidity needs weekly. New installments will only be paid out when the company runs out of money.
Germany has also committed to ensure that the loan is repaid after six months, or else make Condor undergo a “comprehensive restructuring” to return to long-term viability, the EU’s executive added.
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