The German operation is in a different company (different legal entity), that is not yet bankrupt. They could in theory operate for years and years to come, as long as they have sufficient funds and income to pay their bills.
There are two options for the administrators of Thomas Cook UK wrt. each foreign subsidiary:
- keep it running and try to sell the subsidiary to an interested party
- shut it down and liquidate it to stop the losses
Option 1 could bring in significant money, if the subsidiary is profitable.