After a turbulent year, the vacation airline Condor can leave the protective shield proceedings again. According to its own statements, the company has restructured itself extensively and repositioned itself through a strict cost-cutting and efficiency program.
Dhe holiday airline Condor has overcome the financial difficulties and, according to its own admission, left the protective shield procedure “as a healthy company”. The company announced on Tuesday. “As of today, Condor is leaving the most challenging time in the company’s history behind and starting a new chapter,” said airline boss Ralf Teckentrup.
Condor has comprehensively restructured itself as part of the protective shield proceedings and repositioned itself for the future through a strict cost reduction and efficiency program. The holiday airline immediately moved to a more affordable corporate headquarters in Neu-Isenburg. Months ago, the company had already concluded crisis collective bargaining agreements and agreements with all of the unions, which enable flexibility and efficiency and at the same time responsibly secure the jobs of around 4200 employees until at least December next year.
Unwanted through no fault of your own
The airline is now in pole position as soon as tourism starts up again, ”commented Lucas Flöther, trustee of Condor’s protective shield proceedings, on the conclusion of the proceedings. Condor is the first company in the aviation industry to have successfully passed a protective shield procedure. Everyone involved did everything to save the company.
Initially, however, the company, which had got into difficulties through no fault of its own, had to survive a turbulent year. In January, the holiday airline seemed saved after months of uncertainty: the Polish PGL, mother of the airline LOT, had signed a purchase agreement. The proceeds from the sale were to be used to repay the part of a KfW loan that Condor needed after the bankruptcy of the British parent company Thomas Cook in the autumn to get over the weaker winter.
But then came the corona pandemic. The Polish group refused to complete the purchase because LOT itself was in a tailspin. And again the Condorians, who are no less closely connected to their airline than the Lufthansa employees, had to fear for the survival of their airline.But after the EU’s approval, Condor was able to fly on with the help of two loans and free itself from the economic emergency again in the protective shield procedure.