Condor to exit 'protective shield proceedings' at the end of November
Condor announced (22-Oct-2020) a meeting of creditors approved the company's restructuring plan, which will allow it to exit court protected restructuring at the end of Nov-2020.
Condor CEO Ralf Teckentrup said the carrier will relaunch from 01-Dec-2020 as a "healthy company". The carrier's second protective shield plan was submitted to the Frankfurt am Main district court at the end of Aug-2020, covering measures undertaken to prepare for a future without Thomas Cook.
The company has is already implemented a number of restructuring and cost-cutting measures, including a move to a new corporate headquarters and entering new collective agreements with all union, which will allow flexibility and efficiency while at the same time responsibly securing the jobs of approximately 4200 employees until at least Dec-2021.
