The purchase of Condor by the Polish aviation holding company PGL failed. Nevertheless, you remain optimistic with the holiday pilot.
It was already clear that the Polish Lot parent company was looking for ways to get out of the purchase contract for Condor. The corona crisis also hits PGL in the market. Her daughters had to stop all flights. There is therefore no money for investments; PGL even needs help from the state itself.
Condor has long said that it is still in constructive discussions. But now it is clear: PGL is withdrawing. “Condor has not proven that the financial situation allows it to continue operating,” the business news agency ISB News quotes a PGL spokeswoman.
Condor remains confident
“We can confirm that PGL has informed us that we want to withdraw from the purchase,” said a Condor spokeswoman at aeroTELEGRAPH’s request. The company is now in talks with the Polish company to define possible conditions for a resignation. “We are also examining how we will be able to assert our claims from the signed purchase contracts.”
Despite the statement by the PGL spokeswoman, the German holiday airline is optimistic. “Condor is prepared for this scenario and still intends to leave the protective shield procedure soon,” said the spokeswoman. There are various options for future ownership, such as a trustee structure. “We are also in talks about state aid because of the effects of the corona crisis.”
Freight and return flights
As far as possible due to the effects of the corona crisis, flight operations would continue as usual. “We are currently concentrating in particular on cargo and harvest helper flights to contribute to Germany’s basic medical and freight needs.”
The airline, which actually specializes in holiday flights, also flies to China via the specially equipped Almaty hub in Kazakhstan to bring medical equipment – including respiratory masks – to Germany. Condor had also organized return flights on behalf of the German government, bringing around 78,000 stranded vacationers home.
Three buyers in the final round
In the final round, PGL was not the only bidder for Condor. A consortium around the financial investor Apollo and German tour operators as well as the investment company Greybull were also interested in a purchase. Given the precarious situation that the travel industry is in after the crisis, buying through a financial firm would be most likely by now. But there, too, the profits are no longer bubbling as before.
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