The owner of Poland’s national airline LOT, the Polish Aviation Group or PGL, is buying the German carrier, Condor. Condor was a former Thomas Cook Group subsidiary.
Polish National Carrier LOT Buys Germany’s Condor
Following the bankruptcy of the Thomas Cook Group in September 2019, the German carrier Condor was left in the search for buyers for the last couple of months.
The UK government refused to rescue Thomas Cook when it went into liquidation last year, but German authorities approved a six-month bridging loan for Condor. The carrier received a 380 million euro loan from the government to stay operational until a new owner was found. The government approved this loan arguing that the airline was viable. That also gave Condor extra time to find a buyer. The debt is to be repaid in April of 2020. It has just been announced that Polish Aviation Group or PGL, the parent company of LOT Polish Airlines, will be acquiring Condor Airlines. The details of the deal were not disclosed to the public.
From the official press release:
The acquisition of Condor fits perfectly into PGL’s strategy. It also secures the future of Condor and offers stability and great opportunities to its employees, customers and business partners. We want to develop Condor’s iconic brand in Germany and also introduce it to other markets in Europe. We wholeheartedly welcome all Condor employees to the PGL family and invite them to build together one of the greatest aviation groups in Europe Rafał Milczarski, President of the Management Board of PGL said in the press release
PGL intends to pay off Condor’s debt in full after the deal is finalized in April. They also intend to keep the Condor brand, which includes full staff and management. Both LOT and Condor use the Lufthansa’s Miles and More frequent flyer program.
Recommended for you:
About the author: Mila Kostic is a native of Belgrade, Serbia. After majoring in sociology at the Belgrade University she has been working as tutor and coach. Prior to taking on her role at Mighty Travels, she wrote for a video games, fitness, and health lifestyle website. After starting her work with the Mighty Travels team she discovered her passion for travel and travel writing. Now, she is focused on bringing you the newest travel news. In her portfolio here at Mighty Travels, you can find articles on Airline news, hottest credit card deals, tips and tricks on earning miles and much more. You can reach her at [email protected]
This post has been tagged with: airfare | airline | airlines | AIRPORT | Cheap | cheap flights | Condor | Condor Germany | Condor LOT | Flight | flights | German carrier Condor | LOT | LOT buys Condor | miles | PGL | Polish Aviation Group | program | Thomas Cook | Thomas Cook bankruptcy | Thomas Cook collapse | travel | Traveling | trip | world