Thomas Cook's German tour operator is aiming for survival, while its German airline is getting state help to stay in the air. More here:
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.
Britain’s 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. Condor is also expected to undertake insolvency proceedings under self-administration to avoid being entangled in the winding up of the parent company’s financial affairs.
The business, which serves around three million customers a year, said it had been weighed down by the weakness of its British parent and the impact of Brexit on the German business.“We owe this to our long-standing customers, committed employees and other partners who have supported us so much over the years and in the last difficult weeks,” Berk said.
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