With the U.K.s Thomas Cook airline and travel agency now mired in compulsory bankruptcy proceedings, elsewhere the Group’s subsidies are now scrambling to protect themselves from a similar fate.
In Germany, a Frankfurt court has instigated investor protection proceedings in a bid to have Condor Flugdienst GmbH (Condor) restructured. Along with Thomas Cook GmbH, Condor is an independent unit of the British parent company Thomas Cook Group and the German government has already confirmed it will shore up the leisure travel carrier with a €380 million (US$4019 million) bridging loan.
The U.K.’s government was approached for and rejected a request for a £200 million (US$246 million) loan to enable the Group to remain operational and for a part sale / part financial restructuring to proceed. The German government has provided a bridging loan as Condor is not deemed insolvent and can therefore be saved.
Condor is headquartered at Frankfurt airport, operates a fleet of 35 Boeing and Airbus jets, and flies to holiday destinations in the Mediterranean, Asia, Africa, North America, South America and the Caribbean.
