Thomas Cook Aviation Balearics.

Thomas Cook Aviation Balearics.

02-02-2021Reuters

The coronavirus pandemic has put thousands of companies out of business, particularly in the Tourism Sector.

Now the Thomas Cook Aviation Balearics (TCAB) company, which had its headquarters in Palma and a staff of 90 workers has announced that its closing.

The company, which operated a fleet of two A320-200 Airbuses, was saved from the bankruptcy of the Thomas Cook tourist group in September 2019 and had started a new stage in May 2020 with the entry of the German group PANAF, chaired by Roland Eharsam.

The Chairman of the TCAB Board of Directors, Alvaro Middelmann wrote to the company's employees last Saturday informing them of the dissolution of the company.

"Unfortunately this pandemic has put an end to all reactivation plans,” said Middelman. “Intense conversations have been held to the end, but unfortunately the possible positive results of negotiations with new investors are not convertible in the short term. The liquidity situation and the still very negative prospects in the Aviation Sector have led to the very regrettable decision to request the dissolution of the company.”

We have tried everything, but in the end it has not been possible,” he added. “Never before have we experienced such a complex situation, a circumstance that has disrupted all viability plans due to the uncertainties that exist at the moment with the pandemic.”

‘Brexit’

‘Brexit’ and the pandemic have placed the entire European aviation industry at a complex crossroads.

Middelmann is one of the most qualified experts in the aviation sector who recognises that the situation is very serious and will cause a complete reorganisation of the entire Aviation Sector.

"Ryanair can pilot all intra-Community transport in the face of the unknowns posed by the UK's exit from the EU,” he said.

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