The creditors of the holiday airline Condor gave the green light to abandon the so-called protective shield proceedings. According to its own statements, the carrier will be operating on the market from December 1, 2020 as an independent and "healthy company". Legal remedies cannot be lodged against the approval of the creditors' meeting for the restructuring plan.

"The way is now clear so that December 1st will be a fresh start as a healthy company for Condor," said Ralf Teckentrup, CEO of Condor. “For our customers and partners, this step means that they can continue to rely on Germany's most popular holiday airline in the future. On behalf of all Condorians, I would like to thank all the creditors for their support and trust ”.

Condor should actually have been sold to the Polish PGL Holding, LOT's parent company, in the spring. The protective shield proceedings have already ended, but the deal fell through due to the corona pandemic. The Federal Republic of Germany set the condition for a new loan that a second procedure be applied for. At the end of August 2020, the Condor management submitted a new plan to the Frankfurt District Court. The creditors' meeting voted positively on Thursday.

However, Condor has not yet been sold. Instead, an escrow solution was chosen so that the carrier is separated from the insolvent Thomas Cook Group and can be sold at an acceptable price at the next opportunity. The proceeds will flow to the creditors, which is why the shares are currently administered by a trustee. Leaving the protective screen also means that the trustee will be withdrawn. His activity is over.