I would think there would be some keen takers of their B757-200/300

When Air Berlin went down the tubes the German Government put in enough money to allow a controlled run down. I believe they thought this the cheapest way to proceed. Looking at the figures above bailing out Thomas Cook long term was not a sensible option.

It WOULD however be sensible to put in enough money to allow its fleet to operate whilst holiday makers and ticket holders are repatriated. It would be cheaper and easier than chartering every spare jet in Europe!

Question : Was the failure caused by hedge funds which wanted the recent rescue attempt to fail ? i.e. they stood to make more money from Thomas Cook failing than being saved, because the had a large potential payout from credit default swaps if it failed, versus what they'd get in case of a rescue.

My metaphorical money's on easyJet to pickup a lot of the lost capacity.
Glut of UK airbus crew and impending relaunch of easyJet holidays apparently.
Very sad about tcx and all their staff.

Bloomberg thinks so:
https://www.bloomberg.com/news/artic...l?srnd=premium

More background:
https://www.bloomberg.com/news/artic...ult-protection

Possibly the major carriers are less than distraught at the prospect of a wave of low cost carrier failures.
Certainly such is the prospect according to Philipp Goedeking, Managing Partner of Avinomics. (In German):
https://www.handelsblatt.com/unterne.../25045000.html

'Jump Complete' queried the current status of Thomas Cook's AOC. I can't answer that but I can offer some information as to how the CAA might manage this aspect of the demise of this air operator, for some 20+ years ago I was Head of the Flight Operations Inspectorate (Aeroplanes) and encountered a handful of similar situations. The process I describe below may not be followed exactly with TCX as there are several variables to be considered - but this is how it might proceed.

Because an AOC is valid on a Sunday (for example) it doesn't mean that it must be suspended on the Monday, for if an airline was considered by the CAA to have been safe to operate commercial air transport yesterday it is unlikely to have suddenly become unsafe overnight. Essentially, what needs to remain in place are the previously existing required post holders (and crews) and support from the approved maintenance organisation (MO). Therefore, provided the Authority receives assurances from the AOC holder that these remain in place, commercial air transport safety will probably not be considered at risk - for a time.

This means that the air operator may continue to fly his aircraft with his crews, maintained by the approved MO, with the aim of at least returning the aircraft to where he wants them to be and to carry passengers whilst doing so. The AOC is all about safety, and for as long as the CAA retains confidence that safety will not be compromised then the AOC can remain active. [This has nothing to do with the practicalities of flying away from home or maintenance base, for after landing at other airfields it is quite possible that the airport authorities may 'clamp' the aeroplane for as long as it takes them to be paid any dues outstanding, such as handling fees and air navigation service charges.]

What then happens, when all the aircraft are back where the administrators want them to be is that the Authority will in discussion with them learn what future the operator has (if any). Often, the administrator will express a desire not to forgo the AOC believing that it has some value: it doesn't! Within a few days of the collapse of the airline, and if there is little or no chance that it will be able to return to operations in the short term, the administrators will be invited to surrender the AOC voluntarily, asking that the Authority should place it in Suspension and learn from the latter what would be required for this to be lifted. This serves the interests of both parties: the administrators as it relieves them of certain charges, and the Authority because it saves them the paperwork exercise of giving 'Notice to Suspend' (or even 'Provisional Suspension' which is immediate but must still be accompanied by the aforementioned 'Notice'.) Once the AOC has been received by the Authority and the Suspension letter received by the administrators, the Authority can cease having to provide safety oversight. The final stage, 'Revocation', doesn't have to be done in a hurry but can follow following further discussions with the administrators when it is absolutely clear that the operator will not be able to ask that the Suspension be lifted.

Please believe me when I say that the Authority will endeavour to handle this whole process with sympathy and understanding. Before joining the UK CAA in 1982 I was a BAC 1-11 Captain with Laker Airways and so understand completely many of the emotions that must be assailing all those who find that their employer has suddenly ceased training. To those who were employed as aircrew with Thomas Cook I can only say that, bleak though the picture might seem right now, your experience as flight or cabin crew should stand you in good stead for new employment with another operator, quite possibly sooner than you might think. If your experience mirrors mine, you will find those in the industry to whom you come into contact sympathetic to the situation you are in and willing to help you if they possibly can. Take heart!

It would, but under UK insolvency law the company cannot continue to operate its assets.

According to Wikipedia the Thomas Cook fleet is entirely Airbus A321/A330. The B757s were sold to Condor: https://en.wikipedia.org/wiki/Thomas_Cook_Airlines

But presumably the appointed administrator can? Many UK retail outlets that went under were run by their administrators for extended periods to maximise the return to creditors.

General retail outlets aren't affected by the amount of rules and regulations affecting an airline and travel agency. An insolvency practitioner is not likely to have the qualifications to take on a nominated person role to take an AOC and keep it active for a period of time. A retail shop is much easier to run.

Anyway, how is it the Germans are still flying and we are not ?

Differences in company law. The Germans allow the failed airline to do rescue flights, but UK law does not.

Genuine question w 'cos I can't find the answer - Did Thomas Cook ever go into administration, (where there might have been options to continue running in some way shape or form) or did they move straight into liquidation?

The BBC report describes it as "Compulsory administration"