Four subsidiaries were given 4 months to renegotiate their debt

Four subsidiaries were given 4 months to renegotiate their debt. | Europa Press

Majorca Daily Bulletin reporterPalma10/12/2019 15:00
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Creditors are screaming for the Commercial Courts to remove the judicial protection given to 4 subsidiaries of Thomas Cook in Spain.

Two appeals have already been issued against the companies who were declared pre-contest when the British Tour Operator went bust last September.

Those four subsidiaries were given 4 months to renegotiate their debt and reach an agreement with creditors, but so far, ‘In Destination Incoming’ is the only company linked to Thomas Cook that has agreed redundancy terms with workers.

Creditors have now filed an appeal claiming that the pre-contest declaration is invalid because it happened after the British tour company went bankrupt. It will now be up to the Commercial Court to decide the outcome.

A number of Thomas Cook suppliers have gone bust since the British Tour Operator’s demise.