EU court case annuls German bailout of airline Condor [Yahoo! Finance]
Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares (RYAAY)
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Source: Yahoo! Finance
"The commission should not have approved the restructuring aid at issue without initiating a formal investigation procedure," a press release from the European Union's General Court said. Germany got a green light from the commission in 2021 to give Condor €321 million ($345 million) for restructuring after parent company Thomas Cook went bankrupt. EU state aid rules require such bailouts to be approved by the commission. But rival budget airline Ryanair objected on the grounds that the commission had not done a proper investigation and launched legal proceedings. On Wednesday, the EU General Court agreed. The court ruled that the commission should have examined whether the German bailout bought the state a "reasonable share of future gains in the value of Condor." "Furthermore, those doubts that the Commission should have had necessarily affect its assessment of the scope of the measures to limit distortions of competition." However, while granting Ryanair's request to a
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News
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- High air ticket prices aren't deterring European travelers, as TUI narrows losses ahead of London delisting [Fortune]Fortune
- EU's second top court scraps earlier EU aid approval for airline Condor [Reuters]Reuters
- EasyJet and Ryanair hit out at plan to protect long-haul carriers over contrails [Yahoo! Finance]Yahoo! Finance
RYAAY
Analyst Actions
- 4/4/24 - Evercore ISI Group
RYAAY
Sec Filings
- 5/17/24 - Form 6-K
- 5/16/24 - Form 6-K
- 5/14/24 - Form 6-K
- RYAAY's page on the SEC website