Thomas Cook declared bankruptcy Monday after failing to secure a last-ditch rescue deal.

Condor, the German airline subsidiary of British travel giant Thomas Cook, said Monday it would continue flying even after its parent company declared bankruptcy.

Underlining that it had been "profitable for many years," the airline added that "to prevent liquidity bottlenecks at Condor, it has applied for a state-guaranteed bridging loan" which is being examined in Berlin.

"We're continuing to concentrate on what we do best: flying our guests safely and punctually to their holidays," said managing director Ralf Teckentrup.

Thomas Cook declared bankruptcy Monday after failing to secure a last-ditch rescue deal worth $250 million from private investors to avert collapse.

Some 600,000 tourists are reportedly stranded worldwide, with the British government hiring planes to fly home some of its roughly 150,000 affected citizens.

The fall of the 178-year-old operator will put around 22,000 people worldwide out of a job.

It has long struggled against fierce online competition, while blaming Brexit uncertainty for a recent drop in bookings.

Condor, founded in 1955, has been part of the group that would later become Thomas Cook since 1997.

The airline carries around eight million passengers per year to more than 100 destinations around the world.