After receiving the bridging loan, Condor wants to start the hunt for a new owner. «There will be no fire sale», says boss Ralf Teckentrup. «There is enough interest.»
In the afternoon it was understood that the decision could drag on for a few days. However, the rescue package for Condor has already been already prepared. The German holiday airline and Thomas Cook subsidiary gets a six-month bridging loan of 380 million euros, as was confirmed on Tuesday evening. The German government and the government of the federal state of Hesse will vouch for the airline.
«This is good news for the market, our customers, our suppliers, and the 4900 Condorians,» commented Ralf Teckentrup in the evening in front of the media. In order to prevent immediate discussions, the Condor boss added: «We cannot be compared with Air Berlin. The German airline, which went into bankruptcy two years ago, had to be wound down.»
Major customers show support
At Condor, on the other hand, the aim is to survive the winter season, which is generally weaker in terms of sales. Because the winter season is longer, the amount of money needed was higher. The money earned during the summer had already gone to the now insolvent owner Thomas Cook Group.
Teckentrup is aware that it will not be easy for Condor despite the state aid. «There is a lot of work ahead of us. But we can do it.» One not only feels the full commitment of the employees but also the support of the large customers. «A lot of organizers have called me in the last few days and told me that they can’t do without us,» says the airline manager. Many would have declared that they would accept higher contingents than originally planned. In general, the support is phenomenal, also from politicians.
Profit in 2018/19
At Condor, it is clear that the current independence due to the solution from the Thomas Cook network and the opening of a shielding process is not a permanent solution. «To remain independent is no reasonable solution», explained Teckentrup. «However, there is no hurry either. There will be no fire sale.» In the coming weeks, discussions will be held. «We are seeking a new investor.»
In the last few days, various interested parties have already approached him, adds Teckentrup. He is therefore optimistic that Condor will find a suitable owner, whether it be «one from the industry or a financial investor». Already in spring, when the first announcement by Thomas Cook on the sale of the group airlines had been made, a lot of interest had been attracted, according to the Condor CEO.