Condor prepares to reshape as it secures bridge funding

Condor is preparing restructuring initiatives as it emerges from the collapsed Thomas Cook Group, having been cleared by European regulators to receive a bridge loan to support its development. The loan of E380m is being provided by German state bank KfW. Condor faces an "acute liquidity shortage" as a result of the Thomas Cook collapse, says the EC, and has had to write off "significant" claims with respect to other companies associated with the tour operator. It adds that the backing for Condor – strictly limited to 6 months – will help with ensuring "orderly continuation" of flight services. Once the 6-month time limit is up, the airline must have already fully repaid the loan, or will undergo a comprehensive restructuring aimed at restoring itself to long-term viability. The German govt has committed to these conditions. <br/>