Condor finds new investor

The ailing airline has a new majority shareholder. The investor brings fresh equity. All 4050 jobs will be retained.

Condor machine in Düsseldorf

Dhe state-supported airline Condor has found an investor. As Condor announced on Thursday evening, the asset manager Attestor is taking over 51 percent of the shares. The remaining 49 percent will initially remain with SG Luftfahrtgesellschaft, which has acted as a trustee for Condor since the end of a protective shield procedure and formally has the owner role after the former parent company Thomas Cook collapsed. “We are proud to convince Attestor von Condor as a traditional company that has stood for quality and service holidays for 65 years,” said Condor boss Ralf Teckentrup.

Attestor brings in € 200 million in fresh equity and will also provide a further € 250 million in equity for the modernization of Condor’s long-haul fleet. All 4050 jobs at the airline and the company’s own maintenance company Condor Technik will be retained. The federal government and the state of Hesse are supporting the realignment of Condor with a restructuring of the KfW loan granted in spring 2020.

Jan-Christoph Peters, founder and owner of Attestor, described Condor as a “strong brand with a proven business model”. As soon as the tourism market picks up again, Condor, as the market leader in German holiday flights, will particularly benefit. The investment is not only intended to secure the restart after the parent company bankruptcy and the corona pandemic. Attestor is aiming for the “long-term development of Condor into the leading European holiday airline”. For this purpose, investments should primarily be made in the aging long-haul fleet.

Condor was in distress with the bankruptcy of the parent company Thomas Cook in autumn 2019. In an initial bidding process, the Polish airline Lot prevailed, then got itself caught in the corona pandemic and withdrew from the purchase.