The European Commission has approved €321.2m in restructuring aid for Condor, complying with EU state aid regulations.
This approval follows concerns from the EU General Court regarding debt sharing among Condor’s shareholders, leading to a thorough investigation by the Commission.
The Commission acknowledged that Condor is implementing a comprehensive restructuring package to ensure its long-term viability, with over 70pc of the restructuring costs covered by Condor and its new investor, Attestor.
Condor reported a 15pc increase in total revenue to €2.4bn for the fiscal year 2023-24, with operating profit rising from €52m to €113m during the first quarter.
The airline plans to phase out its B757-300 fleet entirely, transitioning to an all-Airbus fleet by the end of the IATA summer season 2024.
The ruling found: “The Commission found that Condor is implementing a comprehensive package of restructuring measures that will ensure its return to long-term viability. Condor had already made a profit in the current fiscal year. Attestor owns 51pc of Condor while 49pc is held by state-owned company SG Luftfahrtgesellschaft. Condor planned to retire the B757 aircraft by the end of the IATA summer season this year.”
