Thomas Cook GmbH, the German unit of the insolvent British travel operator, and its Polish business Neckermann Polska today filed for insolvency with a view to carving out its brands and businesses from their failed parent, Reuters reported. “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. “The Polish unit, despite its stable financial condition, cannot operate independently without its mother company,” Neckermann Polska said in a statement. “The problems of our owner on the British and German markets are the cause of the liquidation of operating activities in many global markets, including Poland.” Nearly 3,600 Polish tourists stuck abroad due to Thomas Cook's collapse. Read more about the German operations restructuring.
Read more about the Polish operations restructuring.