Thomas Cook's insolvency administrator, David Chapman, has announced plans to return approximately 320 million euros to the "unsecured" creditors of the group of companies that went into liquidation in 2019.
In a bankruptcy proceeding, there are creditors who have preference. On the one hand, institutional clients and, on the other, secured creditors, whose right to collect is backed by an asset, as is the case with financial institutions.
In Lanzarote alone, Thomas Cook left more than 10 million euros in debt with local hotel companies and a subsequent business loss estimated at around 25 million additional. Throughout Spain, it affected more than 600 hotels.
Chapman has announced that all the group's assets have been sold, including airport slots, investments in hotels and its travel agencies that were owned by the entire group of companies.
The insolvency administrator encouraged creditors to check the status of their claim as soon as possible, so that "we can consider whether they should receive any part of the funds being distributed."
Those creditors who have not yet done so must submit their claim by August 2. Creditors in this final phase of payments are expected to receive their compensation before the end of September 2024.
