The European Commission approves the German government's emergency loan of 380 million euros, equivalent to 4.1 billion kronor, to the airline Condor. The company is partly owned by bankrupt Thomas Cook.
The airline Condor has previously been profitable but was affected by the bankruptcy of the Thomas Cook Group. In addition, receivables from other companies in the Thomas Cook Group were written off.
The loan is intended to ensure continued operations with consideration for passengers, the European Commission writes in the statement.
The loan is granted over a 6-month period and Condor must demonstrate its liquidity needs every week. Germany, for its part, promises the EU Commission that the loan will be repaid within 5 months or that Condor will carry out a reconstruction within that period.
Source: di.se
