Thomas Cook Germany files for insolvency
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.