Thomas Cook collapse triggers major bankruptcy case in Switzerland

The bankruptcy of British tour operator Thomas Cook is making waves in Switzerland.

The sinking of its Swiss subsidiary, which is based in the central town of Pfäffikon, could lead to one of the biggest bankruptcies in the country’s history, writes the NZZ am Sonntag.

“So far, we have received at least 5,150 claim reports,” says Adrian Gygax, deputy director of the Federal Bankruptcy Office of the Canton of Schwyz, to which Pfäffikon belongs.

The expectation is that many more will follow. In comparison, when Swissair went bankrupt, about 10,000 creditors came forward.

Thomas Cook was one of the largest tour operators in the world and had subsidiaries in some 30 countries.

The British tour operator announced his insolvency on September 23. Bankruptcy proceedings were opened against its Swiss subsidiary one week later.

Most of the latter’s creditors come from Switzerland, Germany, Austria. They also hail from France, the Netherlands and Spain.

Thomas Cook Switzerland offered, among other things, package tours sold via the Internet.

The bankruptcy office was unable to give the total amount of claims announced so far, but the amount is estimated to in the millions of francs.