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Small Balearic airline rescued from Thomas Cook failure now bankrupt

By John Smith • Published: 02 Feb 2021 • 13:26

One of the two aircraft it flew out of Palma

One of the two aircraft it flew out of Palma Credit: Alan Wilson CC

WHEN the Thomas Cook Group went into liquidation in September 2019, its Thomas Cook Airlines Balearics subsidiary based in Mallorca soon followed suit.
It was formed in 2017, using aircraft from the Belgian arm of Thomas Cook but due to the loss of the parent, it was in limbo until in May 2020, it was taken over by the German company Panaf fronted by former president of the Mallorca Tourist Board, Álvaro Middelmann.
Although it was a risky undertaking considering the arrival of the Covid-19 pandemic, the investors clearly thought that there was a viable business to run using its two Airbus A320-200s.
Now it has been announced that Panaf are no longer in a position to continue to fund the airline which barely got off the ground since the takeover and it will go into bankruptcy leaving 90 staff unemployed.
Thank you for taking the time to read this news article “Small Balearic airline rescued from Thomas Cook failure now bankrupt”.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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