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Commission approves €380 million German rescue aid to Condor

Christian Fernsby |
The European Commission has approved, under EU State aid rules, Germany's plans to grant a temporary €380 million loan to charter airline Condor.

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The measure will contribute to ensuring the orderly continuation of air transport services and avoid disruptions for passengers, without unduly distorting competition in the Single Market.

On 25 September 2019, Germany notified the Commission of its intention to grant, via the German public development bank KfW, a €380 million rescue loan to Condor.

The airline faces an acute liquidity shortage following the entry into liquidation of its parent company, the Thomas Cook Group.

Furthermore, Condor had to write off significant claims against other Thomas Cook Group companies, which Condor will no longer be able to collect.

The Commission's Guidelines on rescue and restructuring aid allow Member States to support companies in difficulties, provided, in particular, that the public support measures are limited in time and scope and contribute to an objective of common interest.

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