Condor has found a new majority shareholder
In the midst of the crisis created by the coronavirus pandemic, the leisure airline Condor has found a new majority shareholder. London-based asset management company Attestor Capital will take over 51% of the shares and invest heavily in the company. Attestor will bring a capital of 450 million euros, of which 250 million euros will be invested in a new fleet for long-haul routes.
The Federal Republic and the State of Hesse want to support the new beginning by giving up the repayment of 150 million euros from the loan Kreditanstalt für Wiederaufbau (KfW) of 550 million euros, which Condor could no longer reimburse to the state. This "acquisition" is subject to approval by the Department of Competition of the European Union.
Attestor Capital will invest 450 million euros and will take over 51% of the shares.
After the withdrawal Polish investor LPG, Condor was fully restructured in 2020. After escaping bankruptcy in December, the owner - a trust company - pledged all its shares to KfW, which is a state-owned company and will initially remain a minority shareholder in Condor with 49%. Attestor Capital intends to take over these shares at a later date.
The number of employees has decreased by about 800, reaching 4500 today. Capital Attestor promised that no employees would be fired in this takeover process. The Condor fleet consists of about 50 aircraft and should be renewed as soon as possible. The company has moved its headquarters from Frankfurt Airport to a more affordable property in Neu-Isenburg and plans to offer an extended flight schedule this summer.