BERLIN (Reuters) - Polish carrier LOT is acquiring German airline Condor, which used to belong to Thomas Cook, the companies said in a joint statement on Friday.
Condor competes with Lufthansa (LHAG.DE) and TUI fly (TUIGn.DE). Unlike Thomas Cook, Condor received a lifeline from Germany in the form of a 380 million euro ($421.57 million)bridging loan and filed for investor protection proceedings, which requires that a company is not yet insolvent and can be saved.
In the statement on Friday, Condor and LOT said they would pay back that loan in its entirety.
Reporting by Michelle Martin; editing by Thomas Seythal