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

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BERLIN/FRANKFURT (Reuters) – Thomas Cook’s (TCG.L) German vacation airline Condor has requested the German authorities for a bridging loan, the airline mentioned on Monday, including it could continue working regardless of its mother or father firm’s collapse.

Travellers queue up in a Condor check-in service on the Frankfurt Airport, Germany September 23, 2019. REUTERS/Kai Pfaffenbach

A spokesman for the Berlin authorities confirmed it was wanting into the applying for the bridging loan, with out commenting on the scale of the request

Labour union Verdi mentioned it supported the applying.

“Everything possible needs to be done to save Condor and its jobs,” Christine Behle of the Verdi board mentioned in a press release, including the agency was worthwhile and the model trusted. Condor employs round 4,500 folks.

Around 600,000 holidaymakers, together with tens of hundreds from Germany, have been stranded round this world by the demise of Thomas Cook, the world’s oldest journey agency.

Governments or insurance coverage firms, relying on particular person nations’ legal guidelines, could have to step in and produce them residence.

A spokesman for the German Aviation Association (BDL) mentioned that, as Condor was working as regular, there was no want for a serious repatriation program in Germany.

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

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

The collapse of Thomas Cook helped shares of rival bundle vacation and airline firms, because it takes capability out of the vacation market.

Germany’s TUI (TUIGn.DE) gained greater than 10%, reaching its highest stage since February.

Reporting by Tassilo Hummel, Christian Kraemer, Ilona Wissenbach, Klaus Lauer; Writing by Vera Eckert; Editing by Mark Potter

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