Warsaw The sale of the holiday plane Condor to the owner of the Polish airline LOT has failed. A spokeswoman for the state PGL confirmed the withdrawal. PGL informed Condor of this on Monday. She didn’t want to say more about it.
The move had emerged in the face of the corona crisis, as the Reuters news agency had previously reported. A good week ago it was said that LOT itself needed state aid. “In the case of the Lot, we certainly cannot do without public help,” Poland’s Treasury Minister Jacek Sasin had recently told TVN24. He was in constant contact with the airline’s board of directors. This prepared a rescue plan in the event that the flight connections would be interrupted for many months.
The protective shield plan of the insolvency specialist Lucas Flöther provided for the sale of the Condor with more than 50 aircraft and around 4,900 employees to PGL. No information was given on the price.
Spokesmen for Condor and administrator Lucas Flöther did not want to comment on the cancellation from Poland any more than the Federal Ministry of Economics.
PGL had won the contract for Condor in January with the former parent company for around 300 million euros Thomas Cook had gotten into trouble. According to insiders, the Poles had recently made the takeover dependent on far-reaching state guarantees. With the withdrawal, a temporary nationalization of Condor should come closer. The company is currently financed with a EUR 380 million bridge loan from the State Bank KfW, which will expire this week.
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