12:53 GMT +319 October 2019
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    A Condor airlines Airbus A321 stands on the tarmac at the airport in Budapest, Hungary

    Thomas Cook's Airline Condor Says it Plans to Continue Flights, Looking for Government Loan

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    Earlier, UK travel company Thomas Cook announced its forced liquidation after it failed to obtain funds to save it from having to file for bankruptcy. The company had been negotiating the terms of debt restructuring with its main shareholder, but the talks reached an impasse.

    Thomas Cook will be sold as a whole or part by part following its bankruptcy, the company's shareholder Neset Kockar said as quoted by Reuters.

    According to Kockar, who owns an 8% stake in the firm, Thomas Cook owes "a few hundred million pounds" to Turkish businesses.

    Earlier, Condor airline, a subsidiary of the insolvent Thomas Cook Group, announced that it intends to continue flights despite the bankruptcy of its parent company.

    The German airline added that it had applied for a state-guaranteed bridging loan to finance its activities, underlining that Condor had been "profitable for many years".

    Thomas Cook later stated that around 140,000 people are travelling with its German branch, while 21,000 booked flights are due to depart Monday and Tuesday.

    More than 600,000 holidaymakers around the world were forced to cancel the booking of tickets this morning after the UK's oldest travel company Thomas Cook announced its liquidation after failing to avert bankruptcy.

    Thomas Cook has been plagued by financial troubles for a long time; it has cited political unrest in places of rest and the refusal of holidaymakers to book trips due to Brexit as the reasons for its problems.

    The company was established in 1841 by Thomas Cook, viewed by many as the inventor of organised tourism. The company, which initially specialised in railway excursions, later expanded its operations to hotels, resorts, as well as the airline.

    Related:

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    Emergency Plan to Rescue Thomas Cook Passengers as Travel Agent on Brink of Collapse - Report
    Dominic Raab Says Customers Won't Be 'Left Stranded' as Thomas Cook Group Looks for Extra Funding
    Tags:
    Condor Airlines, bankruptcy, liquidation, Thomas Cook
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