Poland’s Lot pulls out of Condor deal
The owner of Lot has pulled out of a deal to buy German rival Condor, casting the future of the charter airline into doubt again. Condor has been struggling since its former parent, Thomas Cook, went into administration last year but was given a lifeline in January when PGL, Lot’s parent group, offered to buy it. Terms of the deal were not disclosed but as part of the takeover PGL had promised to repay a E380m bridging loan granted by German authorities last September to give Condor a chance to find a buyer. PGL said it had informed Condor Monday that it was abandoning the takeover — which would have created an airline with about 20m customers and 140 aircraft — but declined to give further details. The collapse of the deal renews questions about Condor’s future. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-04-14/star/poland2019s-lot-pulls-out-of-condor-deal
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Poland’s Lot pulls out of Condor deal
The owner of Lot has pulled out of a deal to buy German rival Condor, casting the future of the charter airline into doubt again. Condor has been struggling since its former parent, Thomas Cook, went into administration last year but was given a lifeline in January when PGL, Lot’s parent group, offered to buy it. Terms of the deal were not disclosed but as part of the takeover PGL had promised to repay a E380m bridging loan granted by German authorities last September to give Condor a chance to find a buyer. PGL said it had informed Condor Monday that it was abandoning the takeover — which would have created an airline with about 20m customers and 140 aircraft — but declined to give further details. The collapse of the deal renews questions about Condor’s future. <br/>
