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Thomas Cook could be relaunched 'within days'

Oscar Williams-Grut
·Senior City Correspondent, Yahoo Finance UK
·2 mins read
An airplane of British tour operator Thomas Cook is seen on September 24, 2019 at the airport in Duesseldorf, western Germany. - As British tour operator Thomas Cook declared bankruptcy, some 600,000 tourists from around Europe had their holidays disrupted. Thomas Cook's subsidiary Condor has said it will continue flying and applied for an emergency "bridging loan" from Berlin. (Photo by Ina FASSBENDER / AFP)        (Photo credit should read INA FASSBENDER/AFP/Getty Images)
An airplane of British tour operator Thomas Cook is seen on September 24, 2019 at the airport in Duesseldorf, western Germany. Photo: INA FASSBENDER/AFP/Getty Images

Thomas Cook could be relaunched “within days”, according to Sky News.

Sky News reported on Monday that defunct travel operator Thomas Cook could be revived by its Chinese owner Fosun as soon as this week. The effort is said to depend on securing the necessary authorisations from UK authorities, the timing of which is uncertain.

A spokesperson for Thomas Cook declined to comment. Fosun has been contacted for comment.

READ MORE: Thomas Cook is dead and 150,000 UK holidaymakers are stranded

Fosun was a significant investor in Thomas Cook prior to its collapse last year and bought the brand out of administration for £11m ($14.6m) last November.

The Times reported in January that Fosun had hired several former Thomas Cook executives to help relaunch the brand as a digital-only travel agent. The group were said to be hoping for a June re-launch at the time.

A source close to Thomas Cook told Yahoo Finance UK it was “no secret” Fosun were hoping to relaunch the company but said there was still a huge amount of uncertainty surrounding the timing. The travel industry has been battered by the COVID-19 pandemic and fast-changing travel restrictions in the UK have created headaches for operators.

READ MORE: Thomas Cook collapse dubbed 'sorry tale of corporate greed' as MPs launch probe

Thomas Cook’s website has already been quietly relaunched in anticipation of a full revival. The site currently offers holiday guides for city breaks and country destinations, with information on things like weather and local currency.

Thomas Cook collapsed almost exactly a year ago after running up debts over over £1bn. The 178-year-old company’s demise led to an inquiry by MPs, which was highly critical of management and Thomas Cook’s auditors.