Travel firm bankrupt: Nordic subsidiaries survive

thomas cook group

Photo: Lewis Smith Photography on Flickr

The world’s oldest travel firm, Thomas Cook Group, has entered compulsory liquidation according to a press release. The liquidation follows failure to reach a sufficient financial agreement between the company’s stakeholders and possible money providers.

Essentially all flights on Monday 23 September 2019 were cancelled due to the bankruptcy.

For the Nordic customers it meant that most Swedish, Norwegian, Danish and Finnish people with bookings through Ving, Spies, Tjäreborg, Globetrotter og Thomas Cook Airlines Scandinavia had to change their holiday plans on Monday 23 September. Ving owns these companies and the majority of its flights are operated by Thomas Cook Group.

The Nordic subsidiaries have now confirmed that the bankruptcy will not affect those firms and flights have thus continued to operate on Tuesday 24 September 2019.

“Even though I am upset by the liquidation of Thomas Cook Group and the affected employees as well as local customers in many countries, my responsibility lies in the North and for Vinggruppen’s continued journey,” Magnus Wikner, managing director of Vinggruppen in the Nordics, said in a press release.

“Because we are an independent and profitable part of the concern we have already been able to secure our company with support from banks, lenders and guarantors,” he continued.

Apologies

In a press statement, Peter Fankhauser, Chief Executive of Thomas Cook, offered his apologies for everyone affected by the liquidation.

“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers.  Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable,” Peter Fankhauser said.

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