The immediate future of Condor, the German airline and subsidiary of the now insolvent Thomas Cook travel agency, was secured on Tuesday night following the German state’s assurances of a €380 million loan.
The European Commission must now approve the loan before the money can be transferred.
German Economy Minister Peter Altmaier also confirmed that the government had approved the deal and that Berlin was in talks with Brussels over the Commission’s ratification.
The finance minister of Hesse, Thomas Schaefer, said that his state could carry 50% of the loan and the central government would fund the other half.
Thomas Cook, which has a 49% share in the airline, collapsed on Monday.
Condor had applied for a bridging loan from the federal government.
Thomas Cook’s collapse has reportedly left 600,000 tourists stranded, including tens of thousands of Germans.
Via DW /Condor
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