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Germany offers €380M loan to Thomas Cook's Condor

Germany is offering a €380 million bridge loan for German airline Condor Flugdienst GmbH after its British parent, Thomas Cook Group PLC, collapsed into liquidation earlier this week, Reuters reported Sept. 25, citing Germany's economy minister Peter Altmaier.

Condor, which remains profitable and is a separate legal entity from Thomas Cook, said it would operate as usual and that it would seek a bridging loan from the German government, the report said.

The airline is planning to undertake insolvency proceedings under self-administration in order to avoid being engulfed in the winding up of Thomas Cook’s financial affairs, Reuters added.

"We will soon make an application for protection proceedings," Condor Managing Director Ralf Teckentrup reportedly said.

According to the report, Altmaier said their decision was based on economic factors, "not on political criteria." He also said that the loan would help the airline's approximately 5,000 workers keep their jobs and 240,000 travelers from Germany return home.

In addition to the loan offered by the German government, the state of Hesse, where Condor is based, has also offered €190 million in financial support to the local airline, the news wire said.

The U.K. government, through the Civil Aviation Authority, is carrying out the "largest repatriation in peacetime history" to help around 600,000 customers who booked Thomas Cook flights abroad return to the U.K. over the next two weeks.