Airline: Protective Guard proceedings opened via Condor

Airline: Protective Guard proceedings opened via Condor

Airline opened protective screen procedure over Condor The holiday flier can prepare for a future without the insolvent mother Thomas Cook through the protective screen process. The goal: to find new owners. The Condor airline bankrupted by the bankruptcy of Thomas Cook can take the next step in the struggle for its future. The Frankfurt district court has formally opened the protective screen, said Condor on Monday. The company could now adopt a restructuring plan for a future outside the defunct parent company Thomas Cook. Condor has been looking for new owners since the demise of what was once the second largest tourism group two months ago. Thanks to the screening process that 2012 was introduced for refurbishable companies, the airline was able to isolate itself from the over-indebted parent company. The Confederation and the state of Hesse support Condor with a limited loan of 380 million euros, so that the airline can maintain its operation during the search for investors. Last week, Condor announced that its operating profit at the end of September last fiscal year 2018 / 19, with revenues of € 1.7 billion, was up one third. have increased millions of euros. “Condor therefore has very good prospects for the future,” explained Lucas Flöther, the trustee of the proceedings. According to earlier information from Condor, there is interest from financial investors as well as from other airlines. The German aviation industry is also interested in Condor remaining on the market as a holiday plane alongside TUI Fly or the Lufthansa subsidiary Eurowings. “The traditional brand Condor is important for Germany as an air traffic location and has been operating profitably in the market for decades,” explained Matthias von Randow, Managing Director of the Association of the German Air Transport Industry (BDL). The association was confident that a new owner would be found. The Hessian state government also affirmed that Condor had been brought into distress by Thomas Cook without being guilty. “Together with the federal government, we still see a good prospect that new owners will be able to hold Condor up in the long term,” said Hesse Finance Minister Thomas Schäfer and Minister of Economic Affairs Tarek Al-Wazir. More: The German tourism market is facing a reorganization. Thousands of travel agencies that used to operate under Thomas Cook now need new partners. © Handelsblatt GmbH – All rights reserved. Acquire usage rights?
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