Desk Driver
5th Sep 2001, 18:55
Story from e-tid (http://e-tid.com)
Reports from Belgium suggest that Thomas Cook is ready to pay BFr400m (£6m) for City Bird, the Brussels-based airline which is in creditor protection.
City Bird, listed on the European Nasdaq, operates charter flights for Thomas Cook’s Neckermann, Sunsnacks, Pegase and All Seasons brands.
Creditor protection, granted to City Bird by the Brussels commercial court, is ‘the most appropriate instrument for companies temporarily out of cash resources.’ The concordat allows the company to operate while putting together a rescue plan.
The carrier says it will present its plan by the end of September. In the meantime Thomas Cook has agreed to cover any losses incurred by City Bird during the creditor protection period. This figure is capped.
Le Soir says that Thomas Cook is not interested in City Bird’s freight operations nor its long haul routes.
City Bird has a fleet of 12 planes, including six new Boeing 737-800 Next Generation which were delivered in May.
Thomas Cook is the name by which German tourism giant C&N Touristic is now known.
Reports from Belgium suggest that Thomas Cook is ready to pay BFr400m (£6m) for City Bird, the Brussels-based airline which is in creditor protection.
City Bird, listed on the European Nasdaq, operates charter flights for Thomas Cook’s Neckermann, Sunsnacks, Pegase and All Seasons brands.
Creditor protection, granted to City Bird by the Brussels commercial court, is ‘the most appropriate instrument for companies temporarily out of cash resources.’ The concordat allows the company to operate while putting together a rescue plan.
The carrier says it will present its plan by the end of September. In the meantime Thomas Cook has agreed to cover any losses incurred by City Bird during the creditor protection period. This figure is capped.
Le Soir says that Thomas Cook is not interested in City Bird’s freight operations nor its long haul routes.
City Bird has a fleet of 12 planes, including six new Boeing 737-800 Next Generation which were delivered in May.
Thomas Cook is the name by which German tourism giant C&N Touristic is now known.