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Polish carrier LOT is buying German airline Condor - sources

Reuters - UK Focus
Updated

BERLIN, Jan 24 (Reuters) - Polish carrier LOT is buying German airline Condor, which used to belong to Thomas Cook, three sources familiar with the matter said on Friday.

Condor declined to comment.

Earlier on Friday Condor - which competes with Lufthansa and TUI fly - announced it would hold a news conference at 1000 GMT to present its new owner.

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.

($1 = 0.9014 euros) (Reporting by Matthias Inverardi in Duesseldorf and Klaus Lauer in Berlin; writing by Michelle Martin; editing by Thomas Seythal)