At least three bidders have submitted offers for Condor (DE, Frankfurt International), German business weekly WirtschaftsWoche has reported.
According to the report, one of the bidders is American private equity fund Apollo Global Management which is hoping to capitalise on cooperation with German tour operators that are reportedly eager to preserve Condor as a competitor to Lufthansa Group and TUI Group.
Apollo currently owns a 49.9% stake in Volotea (V7, Barcelona El Prat) through two associate funds, HRS and Elysium.
Condor was owned by Thomas Cook Group until the UK leisure group's bankruptcy in September this year. The German carrier, together with technical affiliates Thomas Cook Aviation and Thomas Cook Airlines Balearics, continues to operate but required a EUR380 million euro (USD425 million) bridge loan from the German federal and regional governments. It is currently searching for a new investor with binding bids due by Christmas (December 25).
Condor, which is profitable, has to repay the bridging loan by April 15, 2020.
