Sep 25, 2019

Thomas Cook collapse: German company files for bankruptcy

EPA Thomas Cook's German subsidiary has announced it is filing for insolvency in an attempt to save its national brands after the collapse of the UK parent company on Monday. Thomas Cook Germany is also based in Hesse and state premier Volker Bouffier said it was in principle willing to step in to help that company too. Thomas Cook GmbH said it had been forced to seek insolvency to extricate itself from its parent company's "Financial tie-ups and related liabilities". Founded in 1841, parent company Thomas Cook filed for bankruptcy after failing to secure emergency funding of £200m from the UK government. There is concern that Thomas Cook's collapse will hurt tourism, which provides about a third of the country's GDP. In Egypt, Thomas Cook operator Blue Sky said reservations until April 2020 have been cancelled.

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