June 3, 2019

Hi Fly enters Thomas Cook bidding fray

Lisbon-based wet lessor and charter carrier Hi Fly has placed a bid for Thomas Cook’s airline business, as the tour operator seeks to raise cash following a third profit warning in less than a year.

The two companies have a previous relationship.

Thomas Cook Airlines Scandinavia was the first carrier to wet lease an A380 aircraft.

The aircraft represents the first A380 to have been acquired in a secondary-market transaction.

Hi Fly supplied the aircraft that initially was used on two round trips, on 1 August 2018 from Copenhagen to Larnaca, returning on 2 August, and on 2 August from Oslo to Palma de Mallorca and back.

Thomas Cook put its airline unit up for sale in February, and Lufthansa, Virgin Atlantic and Indigo Partners are among parties that have bid for part or all of the airline business.

Private equity group Triton Partners has bid for Thomas Cook’s Nordic operations.

Thomas Cook agreed in May to a £300 million ($379 million) facility to provide more liquidity for the 2019/20 winter season to give it more breathing room.