According to Spiegel.de, LOT Polish Airlines has expressed its interest in buying Condor, the airline part of the bankrupt Thomas Cook. The investor will be selected before March 5th.
Three entities, including LOT, take part in the race to buy the remains of the last year’s British tour operator Thomas Cook, who went bankrupt last year. Besides the Polish carrier, two investment funds are also interested in taking over Condor: American Apollo and British Greybull. In 2019, LOT welcomed more than 10 million passengers on-board its aircraft.
Condor currently operates thanks to the use of a safeguard procedure under German insolvency law. In order to avoid the end of the operation following the demise of Thomas Cook last summer, Condor received a 6-month loan of 380 million Euros from the German authorities.
The deadline for submitting binding offers by potential investors is the end of this week. After final proposals have been submitted by stakeholders, their detailed analysis will continue for the next few weeks. The Management Board of Condor wants to introduce the potential shareholder at the meeting of the creditors’ committee, which is scheduled for March 5th this year. via Spiegel.de