The path out of the protective shield proceedings is clear: today's creditors' meeting approved Condor's restructuring plan. Germany's most popular leisure airline can leave the protective shield plan at the end of November as healthy company. Appeals cannot be lodged this time.
"December 1 will be a new start for Condor as a healthy company," says Ralf Teckentrup, CEO of Condor. "For our customers and partners, this step means that they can continue to rely on Germany's most popular vacation airline in the future. On behalf of all Condorians, I would like to thank all creditors for their support and trust".
The second protective shield plan was submitted to the Frankfurt am Main district court at the end of August. The plan covers the measures Condor is taking to prepare for a future without Thomas Cook. Condor is already successfully implementing a number of restructuring and cost-cutting measures: The leisure airline not only moved to new, more cost-effective corporate headquarters, but also concluded viable collective agreements with all the unions months ago, which allow flexibility and efficiency while at the same time responsibly securing the jobs of its approximately 4,200 employees until at least December 2021.
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