The hotel division of Thomas Cook has avoided bankruptcy after striking an agreement with Hoteles Globales. The four subsidiaries were declared in pre-contest last September, with the bankruptcy of the parent company.
The pact allows seven hotels in the Balearic Islands to remain open and Global Hotels will take over their management with immediate effect.
After bankruptcy, Thomas Cook could no longer manage the hotels and the new owners will now maintain the five hotels in Minorca and two in Majorca, which have a total of around 2,000 workers.
The main judicial problem caused by the bankruptcy of Thomas Cook is still the contest of creditors of In Destination Incoming, the main subsidiary and the company.
Thomas Cook is in the process of liquidation and several creditors allegedly tried to force the sale of the hotel subsidiaries but in the end they were able to to restructure the debt and close the pre-contest.