Thomas Cook, the world’s oldest tour operator, went belly up last weekend stranding hundreds of thousands European passengers on their holidays around the globe.
The company itself consisted of several operations and airlines including German airline Condor that was able to secure funding from the local government to continue to flying (read more here).
Thomas Cook had operations in the Nordics under number of brands including an airline (Thomas Cook Scandinavian Airlines) with 12 planes. The operations in the Nordics have been profitable and the airline and tour businesses continue operating after securing financing while searching for a buyer.
The companies in the Nordics are under local brands of Ving (Norway & Sweden), Spies (Denmark), Tjäreborg (Finland) and Globetrotter (Sweden).
Here’s an excerpt from the Reuters (access their piece here):
“Since we are an independent and profitable part of the business, we are already able to continue our operations with support from our banks, lenders and guarantors,” Magnus Wikner, managing director of Thomas Cook’s Nordic business, said.
In the Nordics, close to 35,000 holidaymakers were traveling at the time of Thomas Cook’s announcement, which resulted in the cancellation of flights on Monday.
“Several potential buyers have taken an interest in acquiring the Nordic business,” Ving Norway spokeswoman Siri Roehr-Staff said. “The talks on a sale are administered from London by those who are in charge of liquidating the Thomas Cook Group.”
The collapse of Thomas Cook has been devastating for all parties involved; travelers, employees and partners. I am glad that parts of the group have been able to continue operating while trying to find buyers.
Condor used to be part of Lufthansa. It is very unlikely that Lufthansa could take it over due to airline’s dominant position in Germany.
As long as there is a business case for Thomas Cook Nordics, there shouldn’t be an issue finding a buyer for the group as a whole or dividing it up by country/brand.