EU OKs $419M German loan for Thomas Cook airline Condor

BERLIN (AP) — The German government says the European Union has approved its decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro ($419 million) bridging loan to keep it in the air.

The Economy Ministry said the EU’s executive Commission gave its blessing on Monday. Condor applied for the loan last month to tide it through the winter after British-based Thomas Cook ceased operations.

The airline, which has been profitable, has nearly 60 planes and 4,900 employees. Condor’s management is looking for new investors.