The insolvent German tour operator Thomas Cook has to get along without state help for the time being. The daughter of the likewise insolvent British tourism company Thomas Cook has withdrawn her application for a state bridge loan, as the provisional insolvency administrators announced.
The reason given was "insolvency difficulties". Further details were not mentioned. "The application already submitted can therefore not be continued in this form," it said. According to reports, the main problem was that the application should not have been made by the company itself.
The German government does not have to decide on help for Thomas Cook with the brands Thomas Cook, Neckermann Reisen, Öger Tours, Air Marin and Bucher Reisen. The Condor airline, which is also owned by Thomas Cook, has received approval from Brussels for a state bridging loan of € 380 million. For the money provided by the state bank KfW guarantee federal and the state of Hesse in equal parts.
Option on new application for state money left open
Also management and staff of the German Thomas Cook had set on a state bridging loan after the model of the sister company Condor. The news agency dpa had reported, citing government circles of a required amount of 375 million euros.
Whether there will be an improved or new application for state aid at Thomas Cook, the provisional administrators, the lawyers Fabio Algari, Ottmar Hermann and Julia Kappel-Gnirs, left open. The actual and legal requirements would be further examined. The ongoing investor process is also being driven forward under pressure together with the management.
The tour operator business of the German Thomas Cook would like to take over competitors themselves and have already expanded their hotel capacities accordingly. Currently there are ongoing discussions with interested parties, said the provisional insolvency administrator of the ailing tour operator. These included strategic investors in the industry as well as financial investors.
The German Thomas Cook with approximately 2000 employees had applied for the opening of insolvency proceedings on September 25 at the District Court of Bad Homburg. The organizer and the associated brands canceled all travel for this year. 140,000 tourists now have to hope for compensation, for which the Zurich Insurance with a volume of 110 million euros is responsible. Wages and salaries of employees are, according to earlier data, secured by bankruptcy money until the end of November 2019.