Thomas Cook flight search technology provider Partners Software is promising business-as-usual despite filing for insolvency in Germany.
The Bremen-based company has used a complicated, Chapter 11-type procedure that allows it to continue operations despite being under financial pressure and failing to find a resolution with shareholders.
Partner Software's flagship product is its Low.Fare flight search and booking engine, used by a number of travel companies including tour operating giant Thomas Cook for its UK travel agent desktops and the new online travel agency.
Travelport also has an agreement with Partners Software to develop a tour operating reservation system.
The company filed for insolvency on February 23 2011 at a court in Bremen, ending a 21-year partnership between co-founders Kai Hannemann and Wolfgang Brinker.
A new investor (a "well-renowned and well-financed IT company") is ready to present an offer to the insolvency administrators Haslinger Korrell to acquire some of the assets, Partners Software claims.
"We are very pleased with the perspective to even increase our existing business with a strong investor and to save as many jobs as possible," says Hannemann.
Brinker is understood not to be part of the company going forward.
While the business is effectively in a state of flux, insolvency laws in Germany allow the company to continue operating in terms of fulfilling its existing contracts and service level agreements.
A Thomas Cook official says:
"We're currently working with the management team at Partners. Whilst we are fully aware of Partners situation, we can confirm that we have full plans in place to minimise any resulting impact to our business."