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Thread: Thomas Cook on the Brink

  1. #1
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    Default Thomas Cook on the Brink

    BBC News; Friday 20 September 2019
    Thomas Cook asks government for bailout in funding race

    Thomas Cook has approached the government in a bid to plug the gap in funding it needs to satisfy lenders.

    The travel company could fall into administration this weekend unless it finds £200m in extra funds needed to secure its future.

    Banks, including RBS and Lloyds, insist the firm comes up with the new contingency funds in case it needs extra money during the winter months.

    A collapse would leave 150,000 UK holidaymakers stranded.

    Sources insisted there were still "reasonable prospects" of a deal and suggested the government could help.

    But they added that the coming 24 hours were crucial to the travel group's survival.


    "We do not speculate on the financial situation of individual businesses," the Department for Transport said in a statement.

    Currently there are 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are from the UK.
    Read More at: https://www.bbc.co.uk/news/business-49761464

    NS Comment: Fingers crossed for the best solution. The media are worried about customers, but the livelihoods of thousands of professionals are also on the line here.
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  2. #2
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    Default Re: Thomas Cook on the Brink

    I mentioned this Yesterday in Germany to our Handling agent as Condor could be affected, the answer back was we have lost many Airlines the last 2 years here in Germany.
    Why was that i asked.
    EU261 was the answer given.

  3. #3
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    Default Re: Thomas Cook on the Brink

    Quote Originally Posted by unwantedB1 View Post
    I mentioned this Yesterday in Germany to our Handling agent as Condor could be affected
    Condor would cease trading at the same time, they are part of Thomas Cook Group. I know from experience that they do not see themselves as that, but they are.

    As to the EU261, other airlines survive, so either their margins are not big enough to cater for delay compensation, or they have mere delays that their competitors ....

    EU 261 is an easy fix, put the cost back to the customer, like fuel when the price goes up.

    Blaming EU261 is a management team basically blaming itself....

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    Default Re: Thomas Cook on the Brink

    BBC News; Monday 23 September 2019
    Thomas Cook collapses as last-ditch rescue talks fail

    Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

    The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect".

    It has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home.

    Peter Fankhauser, Thomas Cook's chief executive, said the firm's collapse was a "matter of profound regret".
    Read More at: https://www.bbc.co.uk/news/business-49791249

    NS Comment: Not the outcome hoped for. A rather sad day.
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    Default Re: Thomas Cook on the Brink

    ATW Online; Monday 23 September 2019
    Thomas Cook’s Condor seeks investor; Lufthansa considers bid

    German leisure carrier Condor is urgently seeking bridge financing and a new investor after its parent company, Thomas Cook Group, filed for bankruptcy Sept. 22.

    Unlike Thomas Cook’s UK airline unit, which ceased all flights, Condor continued operating Sept. 23. It is, however, under intense financial pressure and has asked the German government for a loan guarantee.

    Lufthansa is considering a last-minute bid for the airline, according to industry sources.

    Condor is understood to have offered key suppliers advance payment to ensure continued operations At the same time, its most important customers - Thomas Cook’s various tour operators - are no longer sending additional vacationers and have stopped accepting new bookings through at least Sept. 24.

    The loan guarantee would ensure Condor’s operations until it finds a new owner, a process that could take several months to complete. A government spokesperson said Sept. 23 that a request has been received and several ministries are working with “high pressure” on the case. According to industry sources, a decision was imminent on the same day but could slip by one or two days.

    Read more at: https://atwonline.com/airlines/thoma...-considers-bid

    By: Jens Flottau
    NS Comment: Good luck to Condor, if they can avoid the drop.
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    Default Re: Thomas Cook on the Brink

    Quote Originally Posted by No Smoking View Post
    ATW Online; Monday 23 September 2019
    Thomas Cook’s Condor seeks investor; Lufthansa considers bid



    NS Comment: Good luck to Condor, if they can avoid the drop.
    No... Sodding dead. ****ing Troy party wankers wasting 600 m of our money when a nationalisation would paid dividends back. The ****ing Brexit dividend is broken. Nothing about the politics today?LOL
    Alonso Hater

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    Default Re: Thomas Cook on the Brink

    Tinsey Green is a Cockwomble..
    Alonso Hater

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    Default Re: Thomas Cook on the Brink

    Quote Originally Posted by Alber Ratman View Post
    No... Sodding dead. ****ing Troy party wankers wasting 600 m of our money when a nationalisation would paid dividends back. The ****ing Brexit dividend is broken. Nothing about the politics today?LOL
    Bosses of failed companies should not be carting millions of £££s way from the common wealth.
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