EU backing for German government’s move to keep Thomas Cook subsidiary flying
The European Union has approved the German government’s decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro (£334 million) bridging loan to keep it in the air.
Germany’s economy ministry said the EU’s executive Commission gave its blessing on Monday.
Condor applied for the loan last month to tide it through the winter after British-based Thomas Cook ceased operations.
The airline, which has been profitable, has nearly 60 planes and 4,900 employees.
Condor’s management is looking for new investors.