4 NOVEMBER 2019
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Thomas Cook Airlines Scandinavia, the Nordic subsidiary of the collapsed Thomas Cook Group, is assuming a new identity as Sunclass Airlines.
As Flight Global reported last week, the move follows a buyout by a group of investors of Thomas Cook’s Northern European operations parent company, Ving Group.
Thomas Cook Airlines Scandinavia ceased operations following the bankruptcy of its parent company but resumed flying within a few days after the consistently-profitable Ving Group, a separate legal entity from Thomas Cook Group, distanced itself from the failed company.
Ving’s Thomas Cook Airlines Scandinavia is headquartered in Denmark and has a fleet of 12 aircraft. Unlike Thomas Cook UK, the Nordic subsidiary has no shopfronts and does most of its business online.
The consortium, said to be providing US$618m in liquidity and guarantees, consists of Strawberry Group, which is taking a 40% stake; private-equity firm Altor Funds, also taking 40%, and British private equity firm TDR Capital, which is taking the final 20%.
Ving Group CEO Magnus Wikner said: “It has been a very complex deal and has happened very fast. For us, it was incredibly important to find an owner that has the strategic competence and financial strength to become a good, long-term owner for us.”
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