German airline Condor says it has found a new owner

FILE PHOTO: A LOT Polish Airlines Embraer ERJ-175LR SP-LIM aircraft taxis to runway at the Chopin International Airport in Warsaw, Poland January 8, 2018. REUTERS/Kacper Pempel

German airline Condor, which used to belong to Thomas Cook, said on Friday it had found a new owner, who it would present at a news conference later in the day.

Last week a person close to the matter said Condor had attracted interest from buyout groups Apollo and Greybull as well as Polish carrier LOT, which had been expected to submit final bids this week.

Unlike Thomas Cook, Condor – which competes with Lufthansa and TUI fly – 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.

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