by Brian Major
Last updated: 2:55 PM ET, Thu September 26, 2019
The approval of a 380 million euro ($419 million) loan to keep Condor Airlines, a subsidiary of bankrupt Thomas Cook Airlines, flying ensures an estimated 400,000 visitors will travel to Caribbean countries during the region's critical winter season, say Caribbean Hotel & Tourism Association (CHTA) officials.
Condor received interim financing from Germany's government Tuesday following the earlier collapse of Thomas Cook Airlines, its parent company, according to multiple media reports. A Condor spokesman said the German-based carrier was approved for a six-month bridge loan, which still awaits European Commission approval.
Condor continued flying after Thomas Cook shut down on September 22. Thomas Cook Airlines owns 49 percent of Condor, which has avoided its parent's financial difficulties, posting earnings of $47 million (43 million euros) during the 2017-2018 fiscal year.
Nearly one half-million travelers from the United Kingdom and Europe are scheduled to visit Caribbean destinations this winter through Thomas Cook, said CHTA officials in a statement. The figure represents "a significant portion" of the 30 million overnight visitors expected by Caribbean destinations in 2019.
CHTA officials added that Thomas Cook's failure "pointed to the importance of travelers' considering insurance protection for unforeseen circumstances."
"The British authorities are doing their best to limit the inconvenience caused to thousands of travelers affected by the rapid closure of Thomas Cook," said Patricia Affonso-Dass, CHTA's President, "and getting them home as quickly as possible at the conclusion of their planned holiday."
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