Thomas Cook Group has filed for Chapter 15 bankruptcy protection in the United States.
178 year old UK tour operator, filed for Chapter 15 to secure a £900m rescue deal to keep it from going under before it hits its cash-low winter period.
Apart from hotels, Thomas Cook Group Plc, owns Condor, Thomas Cook Airlines UK, and Thomas Cook Airlines Scandinavia
Thomas Cook Airlines Scandinavia is a Danish charter airline headquartered in Copenhagen is part of the Thomas Cook Group, which operates a fleet of 13 Airbus Aircraft.
Condor Airlines, is a German leisure airline based in Frankfurt and a subsidiary of the Thomas Cook Group which operates a fleet of 42 Airbus Aircraft.
Thomas Cook Airlines UK is a British charter and scheduled airline headquartered in Manchester, England, which operates a fleet of 34 Airbus Aircraft
The Hong Kong / Shanghai based Fosun Tourism Group which is the major share holder with 18% stake said to inject £450 million of new capital into the company. In turn, Fousn is set to acquire 75% of the Group Tour operators and 25% of the Group’s airlines.
178 year-old company reported a loss of £1,456 million before taxes in H1 2019, and said “The first six months of this year have been characterised by an uncertain consumer environment across all our markets. The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer.” – Peter Fankhauser, Chief Executive of Thomas Cook, March 2019