On Monday 28 April, the European Commission authorised a further €321.2 million of German restructuring aid for the German charter airline Condor, after taking into account a ruling by the European General Court in May 2024 which annulled a decision to this effect made in July 2021 (see EUROPE 13407/20).
As explained in a statement, Condor had to file for insolvency in September 2019 due to its parent company, the Thomas Cook group, going into liquidation.
In July 2021, the Commission authorised a restructuring measure worth €321.2 million, including the write-off of €90 million of debt on a €550 million public loan.
On 8 May 2024, the General Court ruled that the Commission had not sufficiently examined whether Germany was receiving adequate remuneration for the debt write-offs granted.
The Commission opened an in-depth investigation on 29 July 2024. It noted on 28 April that Condor was implementing a comprehensive set of restructuring measures to ensure a return to long-term viability.
Further information: https://aeur.eu/f/gko (Original version in French by Solenn Paulic)