Investor takes over vacation airline Condor

The vacation airline Condor, rescued with state aid, has found a new investor. The German asset manager Attestor is to take over 51 percent of the shares and invest heavily in the company, announced Condor. The fund will bring in € 200 million in fresh equity and will also provide a further € 250 million in equity for the modernization of the long-haul fleet. All 4050 jobs were retained, it said. Condor had averted the impending bankruptcy last year and left the protective shield proceedings on December 1, 2020, in which it was comprehensively restructured. Ultimately, it is the third attempt to steer the former daughter of the lost travel company Thomas Cook back on track. The planned and already firmly agreed takeover by the Polish aviation holding PGL was canceled at the last minute due to the outbreak of the corona pandemic in spring 2020. The Attestor Fund was founded in 2012 by the German investor Jan-Christoph Peters and, according to its own information, currently manages assets of around 5.5 billion euros. Most of the capital comes from university foundations and family offices. With the help of the state, a short-term loan from KfW was converted into a long-term loan at Condor under the extended protective shield procedure. The holiday airline could then leave the protective screen on December 1st, as administrator Lucas Flöther had announced. The owner was now a trust company that pledged all of the shares to KfW. It remains a minority shareholder in Condor with 49 percent.