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Does this mean Condor Airlines is shutting down as well? Their website[1] says they're continuing to fly, but I'm wondering if there any sort of precedent for

Does this mean Condor Airlines is shutting down as well? Their website[1] says they're continuing to fly, but I'm wondering if there any sort of precedent for what happens to child companies when the parent becomes insolvent. Having just returned just last week from Europe via Condor Airlines, I'm glad I don't have to worry about this mess. [1]: https://www.condor.com/us https://www.condor.com/us

deanclatworthy 7y ago
Same issue here in the Nordics with Tjärebörg. At least the Finnish version is claiming this won’t affect them, and has been saying this for weeks. I’d call this bullshit, as far as being irresponsible. It sounds to me like a CEO trying not to spook potential customers rather than being honest with existing ones. My partner has a holiday with them booked for November. I don’t have high hopes for that.
- consp 7y ago
  Bankruptcy laws in most countries forbid you from not trying to operate in a normal way (e.g. by comforting possible customers to buy with you). Otherwise you would be committing to a more speedy insolvency which would in the end be some form of bankruptcy fraud. I agree with you this is strange and very non beneficial to the customers who book late in the process but it would be even worse for those who already had booked and would then be left hanging since no money was coming in anymore. Though quite obviously the only people benefiting from this are lawyers and the executor.
goodcanadian 7y ago
If Condor operates as an independent company, as long as it is a going concern, it will likely continue to fly. As an asset, it will be sold by any administrator in order to help recoup money to pay Thomas Cook's creditors. It is (most likely) worth more money as an operating airline than if it were to be shut down.
- greglindahl 7y ago
  However, bankruptcy laws in many countries are pretty good at destroying value in these circumstances.
ce4 7y ago
German Spiegel Online has a bit of information: Basically Condor answered that they will continue operating but also had to apply for a state backed credit to bridge short term liquidity issues caused by Cook's insolvency. This is being assessed by the German government at the moment. The german travel agent subsidiaries however have stopped selling travels for now (brands Neckermann Reisen, Bucher Last Minute,etc) https://spiegel.de/wirtschaft/unternehmen/thomas-cook-reisekonzern-stellt-geschaefte-ein-alle-fluege-gestrichen-a-1288066.html https://spiegel.de/wirtschaft/unternehmen/thomas-cook-reisek...
tallanvor 7y ago
Ving Norge cancelled all their flights even though they haven't actually filed for bankruptcy, so don't be surprised if the other subsidiaries end up with similar happenings.
zwieback 7y ago
I hope not - only direct flight from Portland to Germany and very cheap (but crappy)

deanclatworthy 7y ago

Same issue here in the Nordics with Tjärebörg. At least the Finnish version is claiming this won’t affect them, and has been saying this for weeks. I’d call this bullshit, as far as being irresponsible. It sounds to me like a CEO trying not to spook potential customers rather than being honest with existing ones. My partner has a holiday with them booked for November. I don’t have high hopes for that.

consp 7y ago
Bankruptcy laws in most countries forbid you from not trying to operate in a normal way (e.g. by comforting possible customers to buy with you). Otherwise you would be committing to a more speedy insolvency which would in the end be some form of bankruptcy fraud. I agree with you this is strange and very non beneficial to the customers who book late in the process but it would be even worse for those who already had booked and would then be left hanging since no money was coming in anymore. Though quite obviously the only people benefiting from this are lawyers and the executor.

goodcanadian 7y ago

If Condor operates as an independent company, as long as it is a going concern, it will likely continue to fly. As an asset, it will be sold by any administrator in order to help recoup money to pay Thomas Cook's creditors. It is (most likely) worth more money as an operating airline than if it were to be shut down.

greglindahl 7y ago
However, bankruptcy laws in many countries are pretty good at destroying value in these circumstances.

ce4 7y ago

German Spiegel Online has a bit of information: Basically Condor answered that they will continue operating but also had to apply for a state backed credit to bridge short term liquidity issues caused by Cook's insolvency. This is being assessed by the German government at the moment. The german travel agent subsidiaries however have stopped selling travels for now (brands Neckermann Reisen, Bucher Last Minute,etc) https://spiegel.de/wirtschaft/unternehmen/thomas-cook-reisekonzern-stellt-geschaefte-ein-alle-fluege-gestrichen-a-1288066.html https://spiegel.de/wirtschaft/unternehmen/thomas-cook-reisek...

tallanvor 7y ago

Ving Norge cancelled all their flights even though they haven't actually filed for bankruptcy, so don't be surprised if the other subsidiaries end up with similar happenings.

zwieback 7y ago

I hope not - only direct flight from Portland to Germany and very cheap (but crappy)