January 22, 2021

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Rescue plan approved for Neckermann, and that’s good …

Rescue plan approved for Neckermann, and that's good ...

Photo: MARC HERREMANS – MEDIENHAUS

Good news for the more than 150 Neckermann employees and the thousands of Belgians who had booked a vacation with the tour operator but saw this trip fall through because of the corona and the company’s financial problems: the court has approved Neckermann’s rescue plan. The company will receive a capital increase of 3.5 million euros in early 2021.

On Monday it was announced that 110 of the 119 creditors had agreed to reschedule. One of the largest creditors agreed that his debts of 2.2 million euros will not be repaid but converted into shares.

Neckermann is pleased with the decision, says CEO Laurent Allardin: “After the intervention, the travel company will undertake a capital increase of 3.5 million euros. The Wamos Group, Neckermann’s Spanish shareholder, is ready to put the additional money on the table in January. With the additional financial strength, Neckermann secures the jobs of over 150 employees in our country. “Although the CEO also reiterates his request to the authorities for additional assistance. “Do you want to support the Belgian travel sector, which is one of the biggest victims of the corona crisis, or not?”

Today’s Neckermann emerged from the insolvency of Thomas Cook in autumn 2019. The Spanish travel agency Wamos Group took over 62 of the 91 branches and placed them under the banner of Neckermann, until then a subsidiary of Thomas Cook. The travel business had a fresh start earlier this year, but the corona virus threw a wrench into the factories after a few months. Sales fell to zero and at the end of October Neckermann sought protection from his creditors. So it was time to find financial assistance and renegotiate the debt.

All Neckermann branches will remain closed for the time being. “We don’t know when the travel industry can restart, it doesn’t depend on us and the information changes every day. We hope the arrival of the vaccine will help, if not immediately. We definitely know that our customers want to travel again and are ready when it is possible again. “In the meantime, customers can contact the Holiday Line (09 / 277.22.88) or the webshop if they have any questions. Neckermann promises that travelers with a voucher or a reservation can use it without any problems.