Polish Aviation Group, the owner of the Polish Airlines LOT, stated on Monday that it is withdrawing from the purchase of German Condor airlines at a time when the coronavirus crisis is putting all airline companies on the defensive.
The purchase, which was meant to be a milestone in the development of the position of the Polish carrier in Europe, was already being questioned when the coronavirus pandemic outbreak first began.
The majority of airlines in the world are struggling with the effects of the pandemic, which has grounded thousands of planes.
Many carriers will not survive. British Flybe has already gone bankrupt and Italy’s Alitalia, Norwegian Air Shuttle and Brussels Airlines are all facing disaster.
Brussels Airlines is an interesting case for Poland as they belong to Lufthansa’s group and Brussels Airlines asked it for support. The German airline company is in no hurry to help, however, as they are dealing with the crisis themselves.
Lufthansa has grounded the majority of its planes and has shut down its own budget company, Germanwings.
There will be no help for Brussels Airlines in this situation, a fate which LOT could have faced if it had been bought out by Lufthansa a few years ago.
LOT is in a difficult situation but is not threatened by bankruptcy. Analysts predict that owing to its earlier aggressive market strategy, LOT has a chance to survive the wave caused by the pandemic.