News World Germany to grant rescue liquidity for carrier Condor -sources

Germany to grant rescue liquidity for carrier Condor -sources

Germany has agreed in principle to support struggling carrier Condor with emergency liquidity after the owner of Poland’s national airline LOT pulled out of a deal to buy the airline, two people close to the matter said on Monday.

Condor is a former unit of Thomas Cook, the holiday company that collapsed in September. With planes unable to fly because of travel restrictions, the airline had grounded its fleet and called for state aid.

A 380 million euro ($413.82 million) state bridging loan, that allowed the carrier to be rescued last year, is de facto being extended and Germany will offer an additional 200 million in liquidity, the sources said.

Condor said that talks with the government were ongoing, while the Economy Ministry declined to comment.

No decision on a longer-term capital structure of the group has been taken, the sources said, adding that Germany plans to launch a new sales process for the airline after the coronavirus crisis.

Earlier this month, sources familiar with the matter said Germany was ready to take over Condor as it expected the deal with LOT to collapse due to the industry turmoil caused by the coronavirus pandemic.

State-run Polish Aviation Group (PGL), which owns LOT, agreed in January to buy Condor for about 300 million euros, potentially creating a leading European aviation group with more than 20 million passengers a year.

But PGL earlier this month pulled out of the deal.

(Reuters)

Top Stories

Number of COVID-19 confirmed cases reduced, more people in hospitals

A total of 3,711 COVID-19 cases were diagnosed between 6-19 January, according to the National Surveillance Report,  published on Friday. The figures up to January 19,...

Almost 1.3m PCR and rapid coronavirus tests carried out between March-January 21

Almost 1.3 million PCR and antigen rapid coronavirus tests were carried out in Cyprus between March and Thursday, January 21, according to Ministry of...

Some 3,500 calls made to Hope For Children free helpline since May

Some 3,500 phone calls were made to Hope For Children 24-hour free helpline on 1466 since the humanitarian organisation began its operation in Cyprus...

Hungary buys Russia’s Sputnik V vaccine, first in EU

Hungary has signed a deal to buy Russia's Sputnik V COVID-19 vaccine, the first European Union country to do so, Foreign Minister Peter Szijjarto told...

Another postponement to disputed death of soldier case

The Cyprus Law Office has until Tuesday to take a final stand on the request by the family of a soldier whose death is...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...