Approval of €321.2 million German Restructuring Aid for Condor
The European Commission has approved €321.2 million in restructuring aid granted by Germany to Condor to restore its viability. This decision considers the General Courts ruling from May 8, 2024, which annulled a Commission decision from July 2021. Condor, a German charter airline, provides air transport services from its hubs in Germany, focusing on the leisure travel market. In September 2019, it filed for insolvency due to the liquidation of its parent company, the Thomas Cook Group.
In July 2021, the Commission approved a €321.2 million restructuring measure to enable Condors return to viability. The measure included: (i) a €90 million debt write-off on a state-guaranteed €550 million public loan extended by the German development bank KfW, (ii) restructuring of the repayment terms of the remainder of that loan, to the extent it was used for restructuring costs, and (iii) a €20.2 million interest write-off.
On May 8, 2024, the General Court annulled the Commissions decision. The Commission reassessed the measure under the Guidelines on State aid for rescue and restructuring. The Commission found that Condor is implementing a comprehensive package of restructuring measures ensuring its return to long-term viability, with significant contributions from Condor and its new private investor Attestor to the restructuring costs, and that the aid includes safeguards to limit market competition distortions.
Based on this, the Commission concluded that the German measure complies with EU State aid rules.
A press release is available online.
(For more information: Thomas Regnier +32 2 299 10 99; Luuk de Klein – Tel.: +32 2 299 47 74)
Approval of Acquisition of Green Epic Topco by LGP and Apax Partners
The European Commission has approved the acquisition of joint control of Green Epic Topco Holdings LP by Leonard Green and Partners LP (LGP) and Apax Partners LLP.
The transaction primarily involves enterprise software.
The Commission concluded that the notified transaction would not raise competition concerns, given the joint ventures negligible activities in the European Economic Area and the companies limited combined market position resulting from the proposed transaction. The notified transaction was examined under the simplified merger review procedure.
More information is available on the Commissions competition website, in the public case register under case number M.11947.
(For more information: Thomas Regnier +32 2 299 10 99; Sara Simonini - Tel.: +32 2 298 33 67)