The owner of LOT Polish Airlines has pulled out of a bid to purchase German carrier Condor. In January it was announced that LOT’s owners, PGL, would purchase the German carrier following its split from Thomas Cook last year.
There was much excitement when it was announced that LOT Polish Airlines’ owners would purchase Condor. However, it appears as though things have changed due to the current situation in the aviation industry. According to Reuters, the Polish Aviation Group (PGL) today said that it has pulled out of purchasing the airline.
Purchase canceled
There had been som whispers within the aviation community that the LOT Polish Airlines Condor deal would be called off due to the current situation in the aviation industry. However, this has now been confirmed. According to Reuters, a spokesperson from the PGL group said:
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“I confirm that PGL informed Condor today about its withdrawal from the purchase of this company. We don’t provide any more information at this stage”
Simple Flying has contacted a Condor representative for comment.
About the deal
In January we were expecting an airline to announce it would purchase the German carrier Condor, following its breakup with the Thomas Cook Group. On the 24th of January, it came with a little surprise that the group to be taking over Condor would be the Polish Aviation Group.
The purchase of Condor would have cost PGL €300 million, an amount that the group is apparently now unwilling to part with given the current situation facing the aviation industry. This amount would have allowed Condor to repay a bridging loan obtained by the German government.