Private equity bidders line up for Thomas Cook airline Condor: Wirtschaftswoche

FILE PHOTO: Airplanes with the logos of air carrier Condor by Thomas Cook are seen at the airport in Frankfurt, Germany, September 24, 2019. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - At least three bidding groups including private equity firm Apollo have emerged as buyers of Thomas Cook’s German airline Condor, Germany’s Wirtschaftswoche said on Friday.

Condor, which has remained profitable, has drawn interest from suitors after Germany granted a 380 million euro ($419 million) bridging loan to avoid insolvency following the collapse of parent company Thomas Cook.

Apollo, which already owns budget airline Volotea, is exploring partnerships with German travel operators DER Touristik and Schauinsland Reisen to improve its chances of clinching Condor, Wirtschaftswoche said.

Binding offers for Condor will be submitted before Christmas, Wirtschaftswoche said.

Reporting by Edward Taylor; Editing by Susan Fenton