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Condor takeover finally burst

Johanna Koyser
14.04.2020
2 minutes

The sale of Condor to the Polish airline LOT seemed secure up until a few weeks ago. But then serious doubts were raised. In the course of the Corona crisis, LOT’s parent company PGL made new demands on the sales contract. We at WingMag also covered this and came to the conclusion that this might be an attempt from Poland to burst the sales contract. This proved to be true on Easter Monday: PGL cancelled the deal without further justification.

But what will happen to Condor now? The takeover of LOT was considered a more or less certain rescue for the German company. In addition, the purchase sum was to be used to repay a loan from the KfW of 380 million euros plus interest. The cut-off date for this is still tomorrow, April 15, 2020, and no extension of the loan is currently known. Thus, the situation around Condor is becoming even more acute. However, there have not yet been any talks between PGL and Condor, as the sudden termination of the purchase agreement could now result in contractual penalties for the Polish company.

Nevertheless, the almost 5000 employees of Condor are now once again facing an uncertain future. The coming days and weeks will show how things will continue with the German holiday airline. Will the German state take it over? =r will it return to Lufthansa, to which Condor has belonged for many years since its foundation?

Picture © Julius2803 / CC BY-SA

by Johanna Koyser

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