Germany to Provide Financial Support to Citizens Affected by Thomas Cook's Bankruptcy

BERLIN (Sputnik) - The German government will provide financial assistance to citizens who were affected by the recent collapse of UK travel company Thomas Cook, the government's press service said in a statement.

"It is planned to offer Thomas Cook's customers compensation for the difference in price between their payments and insurances they received from [insurer] Zurich [Versicherung] or from another party," the statement, obtained by Sputnik, read.

The statement said that further steps on the issue would be taken in early 2020.

On 23 September, the Thomas Cook Group, which includes the UK tour operator and airline by the same name, announced its compulsory liquidation following unsuccessful talks between the company's stakeholders and proposed new money providers to secure terms of the firm's recapitalization and reorganization.

All of the company's bookings, including flights, were immediately canceled following the announcement.