News World Thomas Cook's Condor to continue operations, seeks bridging loan from Germany

Thomas Cook’s Condor to continue operations, seeks bridging loan from Germany

Thomas Cook‘s German holiday airline Condor has asked the German government for a bridging loan, the airline said on Monday, adding it would continue operating despite its parent company’s collapse.

A spokesman for the Berlin government confirmed it was looking into the application for the bridging loan, without commenting on the size of the request.

Labour union Verdi said it supported the application.

“Everything possible needs to be done to save Condor and its jobs,” Christine Behle of the Verdi board said in a statement, adding the firm was profitable and the brand trusted. Condor employs around 4,500 people.

Separately, the German state of Hesse, where Condor is based, said it stood ready to support the airline via guarantees, adding it was examining whether conditions for state aid applied.

Condor reiterated that it was a profitable enterprise, adding it expected earnings before interest and tax (EBIT) to rise in the current financial year ending Sept. 30, compared with about 43 million euros ($47.24 million) previously.

Around 600,000 holidaymakers, including tens of thousands from Germany, have been stranded around this world by the demise of Thomas Cook, the world’s oldest travel firm.

Governments or insurance companies, depending on individual countries’ laws, will have to step in and bring them home.

A spokesman for the German Aviation Association (BDL) said that, as Condor was operating as normal, there was no need for a major repatriation programme in Germany.

“Condor is continuing flight operations as usual, meaning there is no need for a repatriation mission like that done with Germania,” he said in an e-mailed statement.

Airline Germania collapsed in February, sparking a major operation to fetch stranded passengers.

The collapse of Thomas Cook helped shares of rival package holiday and airline companies, as it takes capacity out of the holiday market.

Germany’s TUI gained more than 10%, reaching its highest level since February.

(Reuters)

Top Stories

244 new cases, out of 11,163 tests announced on Friday

The Health Ministry announced 244 new Coronavirus cases out of 11,163 PCR and rapid antigen tests on Friday, 15 January, taking confirmed infections to...

Where to get antigen rapid tests on Saturday

The Health Ministry announced the following antigen rapid test sites for Saturday, 16 January 2021:   LIMASSOL Tassos Papadopoulos building – TEPAK, Limassol 08:30-16:30 Church Agia Varvara, Zakaki...

President Anastasides to get the second dose of COVID-19 vaccine next Monday

Cyprus President, Nicos Anastasiades, will receive the second dose of the vaccine against COVID-19, next Monday at the Health Center of Latsia, according to...

Expert says milder version of pandemic likely to be present in 2022

Dr Constantinos Tsioutis, Assistant Professor, Internal Medicine & Infection Prevention and Control at the Department of Medicine of the European University Cyprus and head...

Spain’s COVID-19 incidence climbs above 500 cases per 100,000 people

Increased activity at hospitals and health centres near Madrid was seen on Friday (January 15) as Spain's coronavirus incidence as measured over the past...

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...