NEW: German arm of Thomas Cook - Condor Airlines - is getting a €380 million six month KfW bridging loan from German Govt/ Hesse Govt/ - continuing all flights, and keeping all 4,900 jobs and will “free itself” from insolvency claims against Thomas Cook
NB - last week KFW, which will provide the loan, Germany’s business lending bank set up with Marshall funds, borrowed at an all time low yield of .... -0.394% over 7 years, and was oversubscribed with this negative yield... kfw.de/PDF/Investor-R…
For the many people asking about how the EU allows such a temporary bailout on state aid rules - if loan is 6 months or less in duration it can qualify as “rescue aid” - but they are awaiting confirmation of that - relevant case is Alitalia... europa.eu/rapid/press-re…
Then again KFW (see above) can presumably make a margin on lending money at not much more than 0 per cent... so how does all that work? Not sure what KFW’s lending rates are.
