January 24, 2020 / 10:14 AM / a month ago

Polish carrier LOT is acquiring German airline Condor - statement

BERLIN, Jan 24 (Reuters) - Polish carrier LOT is acquiring German airline Condor, which used to belong to Thomas Cook, the companies said in a joint statement on Friday.

Condor competes with Lufthansa and TUI fly . Unlike Thomas Cook, Condor received a lifeline from Germany in the form of a 380 million euro ($421.57 million)bridging loan and filed for investor protection proceedings, which requires that a company is not yet insolvent and can be saved.

In the statement on Friday, Condor and LOT said they would pay back that loan in its entirety.

$1 = 0.9014 euros Reporting by Michelle Martin; editing by Thomas Seythal

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