Thomas Cook Airline Condor Sold To Poland's LOT
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January 24, 2020 - by dw.com
The two airlines have confirmed the deal, which creates a European airline that carries more than 20 million passengers. LOT's owner has insisted a €380 million German government bridging loan will be repaid.
Polish carrier LOT said on Friday it would take over Condor, the German airline owned by the bankrupt travel operator Thomas Cook.
LOT Chief Executive Rafal Milczarski said the deal meant "there was no more uncertainty" about Condor's future after it was kept afloat with a German government loan.
Milczarski refused to say how much LOT had offered for Condor, adding, "We are going to pay a fair price, a price that will enable us to pay off the KfW loan in its entirety."
He was referencing the €380 million ($419 million) bridging loan granted by German public investment bank KfW in September after Thomas Cook declared bankruptcy, which is slated to be paid back later this year.
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