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Loans give lifeline to Thomas Cook in Scandinavia and Germany
Thomas Cook’s Scandinavian operations have been resumed thanks to a loan from a Norwegian bank pending the search for a buyer.
The deal comes at German airline subsidiary, Condor, said it’s looking for an investor to save the business.
It has been forced to seek insolvency to extricate itself from its UK parent’s ‘financial tie-ups and related liabilities’.
Unlike the tour operators, Condor remains profitable and has managed to secure a $380 million state bridging loan to keep operating.
It is now in negotiations with potential investors and hotel operators.
However, Thomas Cook’s operations in Belgium, the Netherlands and Poland have ceased trading with almost 30,000 holidaymakers overseas.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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