Thomas Cook's Condor "running as normal" after Germany's 380 mln euro bridging loan

Record ID: 1433357

  • Title: Thomas Cook's Condor "running as normal" after Germany's 380 mln euro bridging loan
  • Date: 25th September 2019
  • Summary: (SOUNDBITE) (German) HEAD OF THOMAS COOK AIRLINES WHICH INCLUDES CONDOR, CHRISTOPH DEBUS, SAYING: "We need to await the EU's approval but flight operations continue as normal. We have been flying all week without any cancellations and operations are very stable. We are selling tickets as normal so for clients it's actually normal business that we are doing right now." EXTERIORS OF CONDOR BUILDING OBERURSEL, GERMANY (SEPTEMBER 25, 2019) (REUTERS) STEFANIE BERK, THOMAS COOK GERMANY MANAGING DIRECTOR, WALKING TOWARDS CAMERAS THOMAS COOK LOGO ON SIDE OF BUILDING (SOUNDBITE) (German) THOMAS COOK GERMANY MANAGING DIRECTOR, STEFANIE BERK, SAYING: "We currently still have around 120,000 guests in the holiday destinations. In Germany we are cooperating with about 8,500 travel agencies. We also have about 125 of our own travel agencies as well as franchise partners. So the consequences are enormous. All we can do is apologise. We hope there will be a continuation." PEOPLE SEEN THROUGH WINDOWS (SOUNDBITE) (German) THOMAS COOK GERMANY MANAGING DIRECTOR, STEFANIE BERK, SAYING: "We can only say that we took the necessary step which was to file for insolvency in order to provide clarity and to decide how to continue." THOMAS COOK AND NECKERMANN FLAGS (SOUNDBITE) (German) THOMAS COOK GERMANY MANAGING DIRECTOR, STEFANIE BERK, SAYING: "We would have liked to avoid this step but we believe that it allows us to move on because the positive development in recent days was that we saw a lot of interest in Thomas Cook here in Germany. There are investors and capital providers who would come on board at short notice. Right now we are sitting down with the liquidator to try to find a scenario how to continue." FLAGS BERK WALKING OFF
  • Embargoed: 9th October 2019 14:45
  • Keywords: Thomas Cook Germany insolvency bankruptcy Condor airline tourists flights plane travel agency
  • Location: DUESSELDORF & FRANKFURT & OBERURSEL, GERMANY
  • City: DUESSELDORF & FRANKFURT & OBERURSEL, GERMANY
  • Country: Germany
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA003AY5MC99
  • Aspect Ratio: 16:9
  • Story Text: Germany will guarantee a 380 million euro ($418.6 million) bridging loan for Condor, the German airline owned by insolvent British travel operator Thomas Cook, to enable it to continue flying and save jobs, the economy minister said late on Tuesday.
    The airline had said on Monday it would carry on its operations and that it would ask the German government for a bridging loan despite its parent company's collapse.
    It is a separate legal entity from Thomas Cook and is still profitable.
    The loan is is still subject to the European Union's approval.
    The German move contrasts with the actions of the British government, which opted against bailing out Thomas Cook.
    On Wednesday, Thomas Cook GmbH, the German unit of the insolvent British travel operator, also filed for insolvency with a view to carving out its brands and businesses from their failed parent.
    "We took the necessary step which was to file for insolvency in order to provide clarity and to decide how to continue," said Thomas Cook Germany managing director Stefanie Berk.
    Thomas Cook GmbH filed for insolvency seeking to orderly redress and restructure the business and continue profitable operations, with a liquidator already in talks with the company, according to Berk.
    (Production: Stephane Nitschke, Andreas Buerger, Michele Sani)
  • Copyright Holder: REUTERS
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