Condor (DE, Frankfurt Int'l) says it has received a pledge from the German federal government and the Hesse state government for a six-month bridging loan of EUR380 million euro (USD418 million).

A subsidiary of the bankrupt Thomas Cook Group, Condor said disbursement of the funding would be subject to European Commission (EC) approval, timelines of which are currently uncertain. If secured, the funding would then come from the German state-owned development bank, KfW, and will be used to shore up the leisure carrier's capital reserves.

"Condor is an operationally healthy and profitable company, which will also post a positive result in the current year," Ralf Teckentrup, Chief Executive Officer, said in a statement. "Because our liquidity was used up by our insolvent parent company for the seasonally weaker booking period, we need this bridge financing for the winter. The commitment is an important step in securing our future."

While Thomas Cook Airlines UK (MT, Manchester Int'l) has been grounded since Monday, Condor, Thomas Cook Airlines Balearics (H5, Palma de Mallorca) and Thomas Cook Aviation (H3, Frankfurt Int'l) have remained operational. As recently reported, Thomas Cook Airlines Scandinavia (DK, Copenhagen Kastrup) resumed flight operations on Tuesday, September 24, after having detached itself from Thomas Cook Group.