Thomas Cook GmbH, the German unit of the insolvent British travel operator, today filed for insolvency with a view to carving out its brands and businesses from their failed parent.
“Intensive talks over the last two days with strategic and private equity investors ... have shown us that the German branches of former Thomas Cook with its brands Neckermann Reisen, Oeger Tours and Bucher Reisen have the chance to have a future,” the German company said in a statement.
It filed for insolvency seeking to orderly redress and restructure the business and continue profitable operations, Thomas Cook GmbH said, adding that a German court could appoint a liquidator as soon as today.