The German state has already had to save Condor from collapse twice and now the holiday airline needs money again. After the Thomas Cook bankruptcy, a loan of 380 million euros was granted via the Kreditanstalt für Wiederaufbau. After the deal with LOT parent PGL fell through, another 2020 million euros flowed in April 550.

Condor is coming under increasing pressure due to the ongoing travel harassment from various governments, because the prospects for summer 2021 are unclear. Although company boss Ralf Techkentrup expects that this year a profit of eight million euros can be written, the air is getting thinner and thinner.

According to this annual report, the company posted a loss of 30 euros in the financial year that ended on September 2020, 225. Due to the corona pandemic, the funds granted by the Reconstruction Loan Corporation seem to have slowly but surely been used up. Condor must therefore look around for fresh money, whereby both the capital market and the state would come into question.

KfW has a lien on Condor

The company itself does not want to comment on where to get the required liquidity from. The holiday airline is indirectly owned by the state anyway, because all shares that officially belong to a trust structure are pledged to KfW as security for the loans granted. The Kreditanstalt für Wiederaufbau is the property of the Federal Republic of Germany.

But Condor is also struggling on a completely different front, as Lufthansa canceled the contract on feeder flights. On the other hand, the vacation airline put one Complaint to the Federal Cartel Office and moved against the approval of state aid for Lufthansa before the General Court of the European Union. The former Lufthansa subsidiary has also recently started flying Freight shipments on behalf of DHL.