Thomas Cook put its airline business up for sale in February. Credit: D3219

Portuguese private airline Hi Fly has bid for airline business of British travel group Thomas Cook, which is seeking to raise cash to strengthen its hotels business.

In February, Thomas Cook put its airline business up for sale, reported Reuters.

Firms such as Virgin Atlantic, Lufthansa, and Indigo Partners bid for either part or all of the business put up for sale.

Lufthansa reportedly made a non-binding offer in May to purchase German airline Condor from Thomas Cook.

Condor was part of Lufthansa in the 1990s. The German group sold its remaining 25% interest in the airline to Thomas Cook in 2009.

Based near Frankfurt, Condor flies to more than 75 destinations in the Mediterranean, Asia, Africa, North America, South America and the Caribbean.

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Private equity firm Triton Partners bid for the Nordic operations of the airline business of Thomas Cook, which is claimed to be the world’s oldest tour operator.

Last month, Thomas Cook agreed a $379m bank facility and issued a profit warning that pulled down the value of its shares to their lowest since November 2011.

The bank facility will enable it to have to more liquidity for the 2019/2020 winter season.

“The bank facility will enable it to have to more liquidity for the 2019/2020 winter season.”

The offer by Hi Fly for the airline business of Thomas Cook was first reported by the Mail on Sunday.

Hi Fly offers wet leases and charter services.

Last month, Lufthansa reiterated its stand that it would be interested to buy a stake in Italian flagship carrier Alitalia only if the Italian Government does not seek co-ownership.