Collapse of Thomas Cook: German airline Condor seeks financial assistance

Germany plans to grant financial aid to the airline Condor after the bankruptcy of Thomas Cook.

Thomas Cook, who owns 49% of the capital of the airline, collapsed on Monday.

Condor has applied for a bridge loan to the federal government and is waiting for an answer. The German media announced that the amount requested amounted to 200 million euros (220 million dollars, 176 million pounds sterling).

The collapse of Thomas Cook reportedly left 600,000 tourists stranded, including tens of thousands of Germans.

German Minister of Economy Peter Altmaier said the government would make a decision on financial aid in the coming days.

The Hesse government has already pledged support, according to a statement by the airline.

• Impact of Thomas Cook's collapse in the world
• Thomas Cook's customers shocked by flight prices

"I assure you that we will do everything in our power and that we will make every effort to ensure that our fleet continues to reliably transport our customers to their vacation destinations around the world and at home. usually, "said Ralf Teckentrup, president of Condor.

Condor stated that it would not carry passengers who booked with Thomas Cook or its affiliates. These passengers were invited to contact their tour operator.

A German government official said that compulsory insurance should cover most German travelers if they are stranded abroad, reports Reuters.

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What happened to Thomas Cook in Germany?

For its part, Thomas Cook's German subsidiary is still active but has stopped making reservations, says DW.com.

The German operations of Thomas Cook are generally considered to be in a healthier state than those in Great Britain, where they have remained profitable, adds DW.

How have companies around the world been affected?

Countries such as Egypt and Greece fear that tourism losses will affect local businesses financially.

• The Gambia The government held an emergency meeting following the collapse of Thomas Cook. It is feared that its collapse will have a significant impact on tourism, which accounts for over 30% of Gambia's GDP.
• In Egypt, Blue Sky, of Thomas Cook, explained that bookings until April 2020 had been canceled. Bassem Halaka, president of the Tourism Union in Egypt, said Thomas Cook "was one of the leading organizers of charter flights from the UK to Sharm el-Sheikh" and that tourism in these resorts would be affected.
• In Cyprusthe loss for hoteliers and for the economy as a whole is around 50 million euros, according to Deputy Minister of Tourism Savvas Perdios. He added that we owed money to hotels for July, August and even September.
• 50 000 tourists are stuck in Greece, according to the Minister of Tourism. Grigoris Tassios told local television that hotels are expected to suffer losses on their payments in the last two months. He said hotel companies would try to recover Thomas Cook's money in court
• In IndiaThe Goa tourism and tourism association said the loss of Thomas Cook was a "big blow to the industry".
• From Spain The Balearic Islands face millions of euros in losses. Thomas Cook has a tax office in Palma with hundreds of employees and also collaborates with 20 hotels on the Balearic Islands and 20 on the Canary Islands.
• From Turkey The Federation of Hoteliers (TUROFED) warned that the country could miss up to 700,000 tourists a year due to the collapse of the tour operator. TUROFED President Osman Ayik told Reuters: "There are a lot of small businesses whose fate is dependent on Thomas Cook, including Mugla, Dalaman and Fethiye." He added that some small hotels in Turkey still need about £ 100,000 to £ 200,000 ($ 125,000 to $ 250,000)