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International Aviation News
Polish Aviation Group, parent of LOT has just announced the purchase of the German Condor.
The German airline Condor, which was part of the Thomas Cook group until bankruptcy, has just been acquired by the Polish LOT through an operation led by the Polish Aviation Group (PGL), the parent company of LOT.
As announced by the new owner of Condor, the airline will continue to operate as before from Germany, and so far has been confirmed to the address of Condor in their posts. It has also been indicated that the bridge loan granted by the German Government after the bankruptcy of Thomas Cook, and that has allowed Condor to continue operating in these months, will be fully repaid.
Rafał Milczarski, Chairman of the Board of PGL has stated that: “The acquisition of Condor fits perfectly in the strategy of PGL. It also ensures the future of Condor and offers stability and great opportunities to its employees, customers and business partners. We want to develop the iconic Condor brand in Germany and also present it in other markets in Europe. We welcome all Condor employees to the PGL family and invite them to build together one of the best aviation groups in Europe. ”
After the bankruptcy of Thomas Cook, no less than 10 groups became interested in Condor, presenting six of them offers, of which three were selected, and finally being chosen the Polish offer for being the highest economically. The operation must still be approved by the competition authorities in Europe, which is expected to occur in April 2020.
The directors of PGL and Condor have not wanted to disclose the amount of the operation, but this has been more than 380 million euros, which is the amount of the bridge loan to be repaid. In addition, Milczarski, without giving more data, announced the next acquisition of ten long-haul aircraft for LOT and 20 for Condor.
LOT operates these flights with the Boeing 787, while Condor has a mix of Boeing 767 and B-757 and, before, in high season, A330 ceded by other airlines of the Thomas Cook group. Thank you for visiting our best empty leg flights website page.