Thomas Cook’s Nordic airline saved by investors; renamed Sunclass Airlines

Darren Wood
By Darren Wood October 31, 2019 11:56

Thomas Cook’s Nordic airline saved by investors; renamed Sunclass Airlines

Thomas Cook Airlines Scandinavia has been saved by a trio of investors, including two private equity firms, just a month after its financial decline.

Last month, Thomas Cook declared bankruptcy when it ceased operations and stranded more than 150,000 customers.

European buyout firms Altor Equity Partners and TDR Capital will hold 40% each, along with Norwegian real estate tycoon Petter Stordalen’s Strawberry Group, which will hold the remaining 20%.

Subsequently, Tomas Cook Airlines Scandinavia is to be rebranded as Sunclass Airlines.

The group employs 2,300 people across charter businesses in Sweden, Norway, Denmark and Finland, along with Thomas Cook Airlines Scandinavia.

“[The deal] secures the business and creates a stable foundation for future development,” Harald Mix, a partner at Altor, said in a statement.

Reports suggest that through a restructuring scheme, the new owners will secure SKr6 billion ($620 million) in liquidity and guarantees.

Darren Wood
By Darren Wood October 31, 2019 11:56