Category Archives: Condor

Condor revises its livery with a “new” tail design

With the demise of the former parent Thomas Cook Group, Condor Flugdienst (Condor Airlines) is now going it alone.

On October 31, 2019 the airline announced a revision to its livery with the unveiling of the pictured Boeing 767-300 D-ABUF.

The “Sunny Heart” tail logo (below) has been replaced with the traditional “paper clip” Condor logo on the tail (above).

The “Sunny Heart” design was associated with the former group and especially Thomas Cook Airlines of the UK.

Top Copyright Photo: Condor Flugdienst Boeing 767-330 ER WL D-ABUF (msn 26985) FRA (Bernhard Ross). Image: 948404.

Condor aircraft slide show:

Condor thrives and expands despite the Thomas Cook demise

Condor Flugdienst reported its financial performance for the fiscal year ending on September 30, 2019.

Despite the failure of Thomas Cook (UK), the German airline is thriving.

With tight cost controls, the operating profit increased by 32.4 percent for the fiscal year.

The airline issued this statement:

Condor Flugdienst GmbH improved its key figures for the Financial Year 2018/19 (ending 30 September 2019) despite a difficult second half year:

With disciplined cost management, the operating profit (EBIT) increased by 32.4 percent on a year-on-year comparison to 57 million EUR. The number of passengers carried increased by 4.5 percent to 9.4million (+6.9 percent) with increased capacity. Despite a long sunshine period in summer 2019, Condor achieved a six percent increase in revenue to 1.7 billion EUR with stable yields and a stable seat load factor of around 90 percent.

Ralf Teckentrup, CEO of Condor Flugdienst GmbH, was highly satisfied with this result: “We are an operationally healthy and profitable company. Our key figures and the further increase in profit underline this. Condor is thus further expanding its market leadership in the leisure airline business”.

At the end of September, Condor entered into a so-called preliminary protective shield procedure in order to release itself from joint liabilities from the insolvent former parent company Thomas Cook Group plc. This gives the company full independence from the Thomas Cook Group plc and at the same time more security for its own future. The federal government of Germany and the state government of Hesse have granted Condor a state-guaranteed bridging loan of 380 million EUR. In a structured bidding process, strategic and financial investors are showing high interest in Condor.

Bookings above expectations

Ralf Teckentrup continues: “The current booking trend is currently exceeding expectations. This is also a clear sign of confidence on the part of tour operators, travel agencies and our direct customers”. The loss of passengers from Thomas Cook Germany of around 15 percent is being compensated for by a strong demand.

Meanwhile, Condor was able to expand its range of routes with the new summer destinations on short- and medium-haul routes, such as Paphos (Cyprus), Tivat (Montenegro) and Toulon (France). Further destinations are currently under review.

One of the most punctual airlines in Europe

Condor is one of the most punctual airlines in Europe. With numerous measures agreed at the Aviation Summit in Hamburg in March 2019, the punctuality was improved after the difficult summer of 2018. In the 2018/19 business year, around 80 percent of all Condor flights took off on time. The relevant share of longer delays was reduced to a historic low.

Tight cost management

Condor’s profitable development is also based on its ongoing focus on strict cost and profit improvement measuresx. On the basis of Financial Year 2016/17, profit improvements totalling around 54 million EUR were achieved. The basis was a reduction in Condor’s own stations from twelve to eight as well as a number of measures to increase operational efficiency. These include, for example, improved maintenance through better material supply and purchasing processes, optimised planning and production processes through further standardisation and measures to improve technical reliability. In addition, ancillary revenues per passenger were increased by 18 percent.

Outlook

Ralf Teckentrup continued: “I am confident that after the exit from the protective shield procedure in spring 2020 we will be able to further strengthen our position as Germany’s most popular holiday airline. Around 5,000 Condor employees are grateful for the trust and great encouragement we have received from all sides. The Condor team is highly motivated to take further important steps together to secure our future. We would like to thank all our customers, sales and business partners and all those involved for always believing in us and supporting us, even in difficult times”.

The airline is also expanding for next summer. Condor will take off with full speed in summer 2020 and expands its summer flight schedule by two new destinations.

The leisure airline will take off to new destinations in Montenegro and, for the first time, the Côte d’Azur.

In addition, Condor is increasing some of its existing frequencies to Greece, Mallorca and the Canary Islands. The summer flight schedule starts on May 1, 2020.

New from Frankfurt to Toulon in France and Tivat in Montenegro

In addition to the new destination Paphos in Cyprus, Condor is heading for two new destinations in summer 2020: Toulon at the Côte d’Azur and Tivat in Montenegro. Lovers of France will be leaving Frankfurt three times a week for the port city with its French lifestyle, delicious cuisine and dreamy sandy beaches between Saint-Tropez and Cassis. It is the ideal starting point for an onward journey to Provence.

Also new in the summer flight schedule is Tivat in Montenegro. The port city on the Montenegrin coast complements the existing Condor destinations in the region, Split and Dubrovnik. Montenegro is an insider tip for Adria lovers: The bay of Kotor with its fjord-like basins offers an impressive sight especially for nature-loving holidaymakers. Condor will set sail for Tivat twice a week from Frankfurt in summer 2020.

Toulon (TLN), Wednesday, Friday, Sunday, from 59.99 EUR
Tivat (TIV), Tuesday, Friday, from 59.99 EUR

From Germany nonstop to the Greek islands

Condor guests will be able to reach the two Greek islands of Mykonos and Santorini conveniently nonstop in summer 2020. The leisure airline brings its guests from Düsseldorf, Frankfurt and Munich to Mykonos in the Aegean Sea once a week. Also non-stop from Düsseldorf, Frankfurt and Munich, Condor will fly twice a week to the island of Santorini, which is popular for its typically picturesque white houses with blue roofs.

Likewise, Condor also flies to Paphos in Cyprus and takes off on Mondays and Fridays from Frankfurt, Munich, Düsseldorf and Leipzig. Flights are already bookable as of 99.99 euros.

Germany’s most popular leisure airline also offers a new weekly flight from Stuttgart to Samos. The Greek island will also be approached from Frankfurt, Düsseldorf, Munich and Hanover.

Condor flies to a total of 17 destinations in Greece from seven German departure airports.

Mykonos (JMK), from FRA + DUS: Wednesday and from MUC: Saturday, from 89.99 EUR
Santorini (JTR), from FRA: Tuesday and from DUS + MUC: Tuesday, Friday, from 89.99 EUR
Paphos, from FRA, DUS, MUC + LEJ: Monday and Friday, from 99.99 EUR
Samos, from FRA, DUS, HAJ, MUC + STR: Sunday, Tuesday, Friday, from 89.99 EUR

Summer holiday under the Canary sun

Condor currently flies to the Canary Islands of Gran Canaria, Tenerife and Fuerteventura several times a week from Düsseldorf, Frankfurt, Hanover, Hamburg, Leipzig, Munich and Stuttgart. In summer 2020, Condor will be offering its guests additional flight days from the airports of Düsseldorf, Frankfurt, Hamburg and Munich, so that guests of the leisure airline can reach the popular holiday islands even more often. The Canary Islands offer is completed by four weekly flights to La Palma and eleven weekly flights to Lanzarote.

Gran Canaria (LPA), from DUS + FRA: Wednesday, Thursday, Saturday, Sunday and from HAM + MUC: Wednesday, Saturday, Sunday, from 99.99 EUR
Tenerife (TFS), from DUS + FRA: Monday, Wednesday, Friday, Saturday, Sunday and from HAM + MUC: Monday, Wednesday, Friday, from 109.99 EUR
Fuerteventura (FUE), from DUS + FRA: Monday, Tuesday, Thursday, Friday, Saturday and from HAM: Monday, Tuesday, Thursday, Saturday, as well as from MUC: Tuesday, Thursday, Saturday, from 109.99 EUR

The focus of the 2020 summer flight schedule on short- and medium-haul flights is clearly on the Mediterranean and the Canary Islands. To cover this, Condor has rescheduled capacity from Turkey, Tunisia and Italy to other destinations.

Condor aircraft photo gallery:

BALPA: Thomas Cook German subsidiary (Condor) is rescued while UK staff and holiday makers suffer

BALPA has released this statement:

BALPA has learnt that Condor, the wholly owned German airline subsidiary of Thomas Cook, is being given six months financing by its Government to secure its own rescue deal. Despite its parent and UK subsidiaries going into liquidation on Monday morning, Condor was given £350m capital to continue to operate.

BALPA General Secretary, Brian Strutton, said:

“Good luck to the Condor staff and customers. But with UK holidaymakers stranded and 9,000 staff out of a job, the Thomas Cook directors need to explain why the UK airline had to be closed but the German one was allowed to continue to operate. How was it funded, because it seems there is nothing left in the coffers for UK staff? And why couldn’t the UK government give the same kind of bridging support as the German government when it was well known that Thomas Cook had a Chinese buyer lined up? It’s a national scandal.”

Condor made this announcement on social media:

4.900 Condor employees are more than thankful and would like to extend their gratitude to the government of Germany and the federal state of Hessen for granting the bridging loan. We want to thank our customers, partners and everyone else who supports Condor.

Condor reassures the public it is profitable and will continue to fly

Condor Flugdienst issued this additional statement:

Condor flights will continue its flight operations despite the fact that its parent company Thomas Cook Group plc has filed for insolvency.

Thomas Cook Group plc, the previous parent company, had to file for insolvency on 23 September 2019. Despite intensive efforts, the Group was unable to obtain refinancing from Fosun, banks and creditors. Condor continues to operate as a German company. In order to prevent liquidity constraints Condor has applied for a state-guaranteed bridging loan, which is currently under review by the Federal Government.

Germany’s most popular leisure airline has been profitable for many years and brings over eight million guests annually to over 100 destinations worldwide.

“Condor has specialized in holiday flights for over 60 years and is the first airline of choice for many leisure travelers. The reason for this, besides a large destination network, is an excellent product at an attractive price and an outstanding sales network throughout the travel and tourism industry,” said Ralf Teckentrup, CEO of Condor. “We will continue to concentrate on what we do best: flying our customers to their holidays safely and on time.”

However Bloomberg is reporting Germany is considering a bridge loan to Condor.

Lufthansa meanwhile remains silent on its previous bid for Condor.

Thomas Cook Group to be liquidated, Thomas Cook Airlines UK stops flying, Condor continues to fly (for now)

Thomas Cook Group made this dramatic announcement today:

Further to the announcement made on September 20, 2019, Thomas Cook Group plc continued to engage with a range of key stakeholders over the weekend in order to secure final terms on the recapitalization and reorganization of the Company.

Despite considerable efforts, those discussions have not resulted in agreement between the Company’s stakeholders and proposed new money providers. The Company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.

An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company. We anticipate that the Official Receiver will make an application to the High Court for members of AlixPartners UK LLP to be appointed as Special Managers in respect of the Company, to act on behalf of the Official Receiver, and we further anticipate that an order will be granted to that effect. As part of this process, a number of other Thomas Cook Group companies have also entered into compulsory liquidation, with members of either AlixPartners UK LLP or KPMG LLP (depending on the company) being appointed as Special Managers in respect of the relevant Group companies.

We expect that AlixPartners UK LLP will now work very closely with the Civil Aviation Authority in the UK, to effect the repatriation of all UK customers impacted by this announcement.

Peter Fankhauser, Chief Executive of Thomas Cook commented:

“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.

“It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.

“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”

The Company has requested that its ordinary shares be suspended from listing on the premium segment of the Official List of the FCA and from trading on the main market of the London Stock Exchange with immediate effect.

Thomas Cook Airlines (UK) has made this announcement:

Thomas Cook has confirmed that all the UK companies in its group have ceased trading, including Thomas Cook Airlines.

As a result, we are sorry to inform you that all holidays and flights provided by these companies have been cancelled and are no longer operating. All Thomas Cook’s retail shops have also closed.

The Government and the Civil Aviation Authority are now working together to do everything we can to support passengers due to fly back to the UK with Thomas Cook between 23 September 2019 and 6 October 2019. Depending on your location, this will be either on CAA-operated flights or by using existing flights with other airlines.

If you are already abroad you will find all the information you need about your arrangements to get home on this website.

If you are due to depart from a UK airport with Thomas Cook Airlines, please do not travel to your UK airport as your flight will not be operating and you will not be able to travel.

This repatriation is hugely complex and we are working around the clock to support passengers.

Customers already abroad

If you are currently abroad and your flight was with Thomas Cook we are providing new flights to return you to the UK. These repatriation flights will only be operating for the next two weeks (until 6 October 2019). After this date you will have to make your own travel arrangements. From a small number of locations, passengers will have to book their own return flights.

For further advice and details of your return journey please read I am currently abroad. Please note that repatriation flights are only available for passengers whose journey originated in the UK.

If you are currently abroad and due to return to the UK after 6 October 2019, please read the additional information section.

Customers yet to travel out of the UK

We are sorry to inform you that all future holidays and flights booked with Thomas Cook are cancelled as of 23 September 2019.

If you are booked on a Thomas Cook Airlines flight, please do not go to your UK airport, as your flight will not be operating. The Civil Aviation Authority’s repatriation programme will not include any outbound flights from the UK.

If you choose to book a new flight with another airline out of the UK, you will not be eligible for a repatriation flight.

PLEASE NOTE: Some of Thomas Cook’s package holiday bookings include flights with airlines unrelated to the Thomas Cook Group. If your return flight is not with Thomas Cook’s airline it may still be valid. However other elements of the package, such as accommodation and transfers might be affected.

Condor Flugdienst issue this statement:

All Condor flights are operating as scheduled.

Please find below information for our tour operator guests from: Thomas Cook, Neckermann, Oeger Tours, Air Marin and Bucher Reisen:

Condor has been informed by your tour operator that unfortunatly your flight will not be carried out as planned today or tomorrow. Therefore, it is with are sincerest apologies that we will not be able to accept on for your flight today.

Fosun Tourism Group acquires 25% of Thomas Cook’s airline divisions

Thomas Cook Group made this announcement on its agreement with the Fosun Tourism Group:

Thomas Cook Group plc is pleased to announce substantial agreement regarding key commercial terms between the Company, Fosun Tourism Group and its affiliates, the Company’s core lending banks and a majority of the Company’s 2022 and 2023 senior note holders. Implementation of the proposed recapitalisation will involve a significant new capital investment and reorganisation of the Group.

Key commercial terms and next steps include:

Fosun contributing £450 million of new money to the Group and acquiring at least 75% of the equity of the Group Tour Operator (subject to the receipt of anti-trust approvals) and 25% of the Group Airline;
The Group’s core lending banks and noteholders targeting in aggregate £450 million of new money to the Group and converting their existing debt into approximately 75% of the equity of the Group Airline and up to 25% of new equity in the Group Tour Operator;
Implementation commitment targeted for early October 2019.

The execution of the transaction remains subject to a legally-binding agreement being reached amongst the parties to the recapitalisation plan and, where appropriate, the Group’s other key stakeholders. The proposed recapitalisation plan does not impact trade creditors or customers.

In its announcement of July 12, 2019, Thomas Cook stated that shareholders may be given the opportunity to participate in the recapitalisation by way of investment alongside Fosun and converting senior creditors on terms to be agreed. The Board continues to proceed on the basis that a recapitalisation, achieved with the support of shareholders, is the preferred means of securing the future of the Group for all its stakeholders (including customers, suppliers and employees), while at the same time enabling the existing shareholders to continue to retain an investment in the Company. However, the recapitalisation is expected to result in existing shareholders’ interests in the recapitalised and reorganised Group Airline being significantly diluted, subject to feedback from creditors, the new money providers and other stakeholders.

In order to obtain the necessary creditor consents to the proposed transaction, the Group will today launch three inter-conditional creditor schemes of arrangement of Group borrower companies to seek creditor consent to amend certain terms of the 2022 and 2023 senior notes indentures (the “Notes”) and the 2017 revolving credit facility (the “RCF Agreement”).

The key objectives of the amendments being sought pursuant to the schemes are to amend the consent thresholds to amend material provisions in the RCF Agreement and the Notes, including in respect of releases of relevant principal debt and/or subsidiary guarantees, and to make certain other technical amendments to facilitate implementation of the proposed transaction.

The proposed recapitalisation remains subject to certain matters, including credit approvals, investment approvals, agreement on Group performance conditions, due diligence, agreement as to risk allocation amongst Fosun and Group creditors with respect to the bridge financing during transaction implementation, agreement between Fosun and the Group’s core lending banks and noteholders on the separation of the Group into Airline and Tour Operator and timely execution of the separation, reaching agreement with a range of the Company’s stakeholders (including fuel and foreign exchange hedging counterparties, the pension fund trustees, noteholders, other financial creditors and approval of Fosun’s shareholders), licence renewals and receipt of regulatory and anti-trust clearances and approvals.

The current intention of the Board is to maintain the Company’s listing. However, the implementation of the proposed recapitalisation may, in certain circumstances, result in the cancellation of the Company’s listing.

Reflecting the extensive progress made on agreeing key commercial terms with the Group’s core lending banks and noteholders regarding the injection of £450 million of new money into the business in connection with the proposed recapitalisation, the mandate letter and term sheet for a £300 million secured bank financing facility announced in May 2019 will be allowed to lapse.

Given the substantial agreement regarding the commercial terms of the proposed recapitalisation, the Company has also agreed a cost cover arrangement with Fosun, a related party, with respect to the costs and expenses incurred by Fosun with any professional advisors in evaluating and negotiating the proposed recapitalisation. The maximum costs to be covered by the Company under this arrangement shall not exceed an amount equal to £5.43 million (less any amounts paid by the Company to Fosun during the past 12 months). The cost cover is payable on a weekly basis beginning 12 July 2019 and ending on 30 September 2019 (with the period accrued to date being paid retrospectively), unless terminated sooner in accordance with its terms, and is subject to certain milestones being reached in connection with the proposed transaction. This arrangement falls within Listing Rule 11.1.10R and this announcement is made in accordance with Listing Rule 11.1.10R(c). Arrangements have also been made to meet the reasonable adviser costs of its core lending banks, bondholders, and other appropriate stakeholders in connection with the proposed recapitalisation.

Note: The Thomas Cook Group airlines include:

Thomas Cook Airlines (UK)

Thomas Cook Airlines (Balearics)

Thomas Cook Airlines (Scandinavia)

Condor Flugdiest

Thomas Cook Airlines (UK) aircraft photo gallery:

Lufthansa to bid for Thomas Cook’s Condor Flugdienst

Lufthansa is prepared to make an offer for Condor Flugdienst from the Thomas Cook Group according to Reuters. It will also offer an option to acquire the other Thomas Cook airlines.