A business court has declared three entities of Thomas Cook’s Belgian branch bankrupt, in a ruling that underscores efforts by the group to stay afloat in the aftermath of the U.K. company’s bankruptcy.
Delivered by Ghent’s business court, the ruling concerned Thomas Cook Belgium, Thomas Cook Retail and Thomas Cook Financial Services, three entities of the Belgian branch which together employ 75 people, according to HLN.
The court’s ruling came after the Belgian branch, Thomas Cook Retail Belgium, filed for the bankruptcy of the three entities on Wednesday morning.
The Belgian company’s move to file for bankruptcy came as the firm announced it would seek to be taken over in an effort to keep business running.
“The goal is to maintain continuity and possibly to find an acquirer,” magistrate Miet Debucquoy told VRT, adding that discussions were ongoing regarding a takeover.
Two business court judges were appointed to manage operations and oversee liquidation procedures of the Belgian group’s bankrupt entities.
The Belgian branch of Thomas Cook, which collapsed on Monday, employs over 500 people in the country, the outlet reports. The branch is also preparing to apply for protection against creditors, an application which should come later this week.
The collapse of its parent company, the oldest travel firm in the world, sent shockwaves through the global travel industry, with authorities and travel operators still scrambling to assist the hundreds of thousands of travellers impacted by the travel company’s downfall.