Thomas Cook GmbH and Condor, two different futures

As 555 Thomas Cook retail shops were sold to the travel company Hays Travel in the UK, the German subsidiary is still fighting for its life. Thomas Cook GmbH, based in Frankfurt, owns Thomas Cook Austria, Condor Flugdienst GmbH, and several brands such as Öger Tours, Bucher Reisen, Air Marin and Neckermann Reisen, a very popular tour operator in the country. Thomas Cook GmbH filed for insolvency on 25 September 2019 in order to split from its parent company. Indeed, “the German tour operator is forced to request its placement in receivership to get rid of the complex financial links” with the British company, according to a statement. The subsidiary is in much better health than its parent company, with 2017/18 revenues of 3.8 billion euros, which encounter for more than 40% of the group's total revenues.

But in order to overcome its financial difficulties, the German subsidiary, employing 2,000 people in the country, is looking for a buyer. She applied for financial assistance from the German government. Until then, Thomas Cook GmbH cancelled all reservations until December 31, 2019. Almost all of the 140,000 German tourists have been brought back to homeland, with only few left of them to repatriate. Zurich Insurance handles the repatriation process at the same time as it covers the tourists’ costs, thanks to the insolvency insurance contract. Regarding the payment of claims, Kaera AG will make refunds for customers who have made a claim for a package travel (not valid for a flight or for a hotel reservation alone). As for the trips starting from January 1, 2020, it is not yet determined if they will be cancelled or not. It will depend on the company’s ability to find a buyer.

Condor Flugdienst...