Condor rescued – Noerr advises on successful reorganisation in 'protective shield' proceedings
Noerr has advised Condor Flugdienst GmbH on its successful reorganisation in ‘protective shield’ proceedings. The creditors’ meeting approved Condor’s restructuring plan on 22 October, clearing the way for the company to leave the ‘protective shield’ proceedings.
This decision cannot be appealed. The airline will therefore exit the ‘protective shield’ proceedings at the end of November. The second reorganisation plan was submitted to Frankfurt am Main Local Court at the end of August. The plan includes measures that Condor will put in place for its future without Thomas Cook. It is intended that a restructuring shareholder belonging to Noerr LLP, SG Luftfahrt GmbH, will hold the shares in Condor until a sale takes place.
Once again, a Noerr team headed by Thomas Hoffmann, co-head of Noerr’s Restructuring & Insolvency practice, and Dresden-based insolvency expert Marlies Raschke, acted for Condor. The team had previously assisted Condor during Thomas Cook’s reorganisation measures and the ‘protective shield’ proceeding following the collapse of the Thomas Cook Group; the team also assisted Condor during its second rescue following the failed takeover by Polska Grupa Lotnicza (PGL).
Advisors to Condor Flugdienst GmbH: Noerr LLP
Dr Thomas Hoffmann (Berlin/Frankfurt), Marlies Raschke (Dresden, both Insolvency and joint team lead), Andreas Naujoks, Dr Torsten Wehrhahn (both Financing, Frankfurt), Dr Kolja Dörrscheidt (Litigation, Frankfurt), Sarah Blazek (State Aid Law, Munich), Dr Torsten Kraul (IT, Berlin), Emma Lenze (UK Contract Law, Munich), Dr Tobias Dolde (IP, Alicante), Dr Hans-Christoph Schimmelpfennig (Employment & Pensions, Munich)
Associates: Dr Andrea Braun (Insolvency, Frankfurt), Eike Hofmann (Insolvency, Dresden), Dr Kenny Koa (Insolvency, Berlin), Dr Dorian Legel (Financing, Frankfurt), Dr Daniel Dommermuth, Dr Michael Wilhelm Weber (both Employment & Pensions, Munich)