LOT owner drops takeover of German carrier Condor

U.S. & World
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

FRANKFURT, Germany (AP) — The parent company of Polish airline LOT is pulling out of its takeover bid of for German vacation carrier Condor, a subsidiary of collapsed tour operator Thomas Cook, Condor said Monday.

The collapse of the deal leaves Condor, which has been profitable, and its 4,900 workers looking for a new way forward as the virus outbreak sharply reduces passenger traffic.

Frankfurt-headquartered Condor said in a statement that PGL, or Polish Aviation Group, “has informed us that they intend to withdraw from the purchase. At this time, we are in talks with PGL in order to define possible conditions for a withdrawal.” PGL didn’t immediately respond to an emailed request for comment.

Condor said that the company was “prepared for this scenario” and faced different options for future ownership, including carrying the business forward under a trusteeship. The airline has also applied for state help.

The German government granted Condor a bridge loan to keep it going through the winter and give it time to find a new investor after British owner Thomas Cook collapsed in September.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

NFL DRAFT
April 29 2021 12:00 am

CBS47 On Your Side

Do you have a problem that you need help solving? Contact CBS47 and let us be On Your Side.

Phone: 559-761-0383
Email: OnYourSide@cbsfresno.com