The Frankfurt-based airline, Condor, was offered a €380 million bridging loan from the German government after its British travel parent company Thomas Cook collapsed on Wednesday.
The chief executive of Condor, Ralf Teckentrup said Condor is an operationally healthy and profitable company but based on insolvent parent company, they have to depend on bridge financing to get through.
Founded in 1955, older German generations looked on the company with nostalgia, as the company name was associated with the newfound freedom of post-war Germany.
Der Spiegel magazine described Condor as “part of the inventory of the old federal republic, like the Volkswagen Beetle.”