German tour operator Thomas Cook files for bankruptcy
Author: Thanh Duy Tran
Possible restructuring of the subsidiary
Thomas Cook, Neckermann Reisen, Öger Tours, Air Marin and Bucher Reisen, are all brands of the German tour operator Thomas Cook. Now the company has filed for insolvency. It was announced that the reason was the “financial interdependencies and liabilities” which forced the German company to evict.
“We are currently in exchange with the Federal Foreign Office, the travel insolvency insurer and other partners with the aim of ensuring an orderly transfer of guests,” it was said. These include around 140,000 holidaymakers who are now unable to reach their destination.
The cost bearer for this action is the insurer Zurich, whereby in Great Britain the state must pay. British Secretary of Transport Grant Shapps commented on the action with the “largest repatriation operation of the United Kingdom in peacetime”.
The resignation of the parent company put all closely related companies under great pressure. “Of course, we would have preferred to avoid this legal step,” says managing director Stefanie Berk, “but unfortunately it was not possible to reach a short-term solution through negotiations.
All clear: Investors keep tour operators alive
The past few days have brought relief. Meetings were held with investors, hotel operators and sales partners. Thus, it was decided that the Group’s brands would be retained and future opportunities assured.
The court responsible for Thomas Cook has now announced that the deployment of an experienced restructurer is planned for Wednesday. Thus, the realignment of the business during the insolvency proceedings shall be carried out smoothly.
The German Thomas Cook emphasizes once again, “We are doing everything in our power to ensure the continued existence of our company”. For Condor 380 million euro were already confirmed, but the tour operator must hope further for a commitment. However, until this is actually done, all sales will be stopped.