Condor’s protective shielding proceedings are terminated: As of today, the German leisure airline, a former subsidiary of bankrupt Thomas Cook, is once again a healthy company.
“Condor is leaving what is probably the most challenging time in the company’s history behind it today and is beginning a new chapter. For our customers and partners, this means that they can continue to rely on Condor,” says Ralf Teckentrup, CEO of Condor. “I would like to thank all our supporters and companions, politics and our partners who continued to place their trust in us over the past 14 months. And also the Condorians deserve our greatest thanks and recognition for their perseverance and commitment. It was worth it: Today our future as a healthy company begins.”
Condor has comprehensively restructured itself as part of the protective shielding proceedings and has created a solid foundation for the future through numerous cost-cutting and efficiency measures. The leisure airline not only moved to a new, more cost-effective company headquarters, but also concluded viable collective agreements and arrangements with all trade unions months ago, which allow for flexibility and efficiency, while at the same time responsibly safeguarding the jobs of the approximately 4,200 employees until at least December 2021.
“Following the successful restructuring, Condor is now much leaner and more efficient. The airline is in pole position as soon as tourism starts up again,” said Prof. Dr. Lucas Flöther, administrator of Condor’s protective shield proceedings at its conclusion. “Condor is thus the first company in this industry to have undergone a protective shielding proceeding so successfully. All parties involved have done everything possible to save the company. The whole process was first-class teamwork“.