Thomas Cook Ger­many files for in­sol­vency

The Times of India (New Delhi edition) - - Times Business -

Berlin: Thomas Cook’s Ger­man tour busi­ness filed for in­sol­vency on Wednes­day in a move aimed at sep­a­rat­ing its brands and op­er­a­tions from its failed par­ent, and said it was in talks with po­ten­tial new in­vestors.

The Ger­man govern­ment said it was con­sid­er­ing an ap­pli­ca­tion for a bridg­ing loan from Thomas Cook Ger­many, a day after it said it would guar­an­tee a 380 mil­lion euro ($418 mil­lion) bridg­ing loan for the British group’s Ger­man air­line, Con­dor.

Thomas Cook, the world’s old­est travel firm, col­lapsed ear­lier this week, spark­ing the largest peace­time repa­tri­a­tion ef­fort in British his­tory and a scram­ble for sur­vival among many of its sub­sidiaries. The Ger­man re­gional state of Hesse, which is also pro­vid­ing help to Con­dor, said on Wednes­day it would ex­am­ine a re­quest for fi­nan­cial as­sis­tance from Thomas Cook GmbH, and would dis­cuss the mat­ter with the fed­eral govern­ment. Hesse’s Prime Min­is­ter Volker Bouffier said sup­port would only be pos­si­ble if it was cer­tain that the com­pany had good prospects.

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