MIAMI – It all started when Thomas Cook UK declared insolvency and ceased operations leaving behind a trail of “collateral damages” since the closing down of the oldest travel agency worldwide brought about the direct or indirect demise of many air carriers and tourist operators.
Thomas Cook UK was engaged in several airlines creations which all followed the same fate. The last one to survive and still bearing the historical name – Thomas Cook Balearics – was created in October 2017 as a support to other Thomas Cook airlines.
Thomas Cook Balearics (H5) declared insolvency for the first time on December 26, 2019 but continued operating some flights on behalf of Condor Flugdienst (DE).
In May 2020, the German PANAF Group Holdings entered Thomas Cook Aviation Balearics (TCAB) capital, the carrier was restructured, scaled down to a smaller size, and continued operations under the brand TCAB (H5).
The new entity is headquartered in Palma de Mallorca (PMI), has a staff of 90 from a previous 458 (2019 numbers) and a fleet of two Airbus A320-200.
Financial Support Withdrawn
On January 31,2021, in view of the bleak outlook affecting the air transport sector, PANAF Holding decided to withhold any further financial support to the Airline.
As a consequence, Alvaro Middelmann, TCAB CEO, wrote to all the staff members saying, “Unfortunately this pandemic has put an end to all reactivation plans” adding that “intense conversations have been held up to the end but unfortunately all possible positive results of negotiations with new investors are not convertible in the short term.”
Alvaro Middelmann further said, “The liquidity situation and the very negative trend in the sector have led to the regrettable decision to dissolve the Company. We have tried very hard but at the end we had to give up.”