October 14, 2019 / 9:57 AM / a month ago

Thomas Cook German airline wins EU okay for 380 million German loan

FILE PHOTO: A Thomas Cook Scandinavia Airbus A330 plane takes off from Las Palmas in the Canary Islands, Spain, September 25, 2019.REUTERS/Borja Suarez

BRUSSELS (Reuters) - EU competition regulators on Monday approved a 380-million-euro German bridging loan to Thomas Cook’s German airline Condor, saying the measure would ensure the continuation of air transport services.

Condor ran into a liquidity problem after its parent company and the world’s oldest travel firm Thomas Cook collapsed last month.

The European Commission said the loan will either have to be repaid after six months or Condor will have to be restructured to ensure its long-term viability.

Reporting by Foo Yun Chee

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