April 27, 2020 / 7:41 AM / a month ago

German airline Condor to receive loans worth 550 mln euros - government

BERLIN, April 27 (Reuters) - The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros ($596.31 million), the economy minister said on Monday, after the owner of Poland's LOT pulled out of a deal to buy the airline.

"The company was operationally healthy and profitable in normal times and has good prospects," Peter Altmaier said in a statement.

Condor said in a separate statement that it would receive a loan of 294 million euros as coronavirus aid and an additional 256 million euros to completely refinance a bridging loan it received after the collapse of parent company Thomas Cook.

With planes unable to fly because of travel restrictions, Condor grounded its fleet and called for state aid. ($1 = 0.9223 euros) (Reporting by Thomas Seythal Editing by Michelle Martin)

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