Finn47

Another link here:

Internet Travel News - XL survival hopes boosted by Icelandic financiers

mary_hinge

Same news, 180 degrees seperation on what is being said:

Fannie and Freddie bolster Iceland stock exchange | IceNews - Daily News

The OMX Iceland 15 rose by 1.35 percent with all but one listed company increasing in price.
The sole exception was the shipping company, Eimskip, which saw a drop of 16.5 percent amid investor fears that the company’s sale of XL Leisure Group would not complete successfully and that the company would be left responsible for a EUR 141 million (USD 200 million) loan.

BHX5DME

From The Times................

Thousands of British holidaymakers face being stranded overseas today as their tour operator, XL Leisure, prepares to declare bankruptcy.
XL, the third-largest package holiday company in Britain, was trying frantically to secure a multimillion-pound rescue package last night but sources close to the negotiations said that its chances of survival were slim.
Assuming that there is no last-minute rescue, the holiday company will declare bankruptcy today. This will result in its fleet of 21 aircraft being grounded, stranding holiday makers in more than 50 destinations around the world.
Rival airlines are understood to have been approached to repatriate the holidaymakers from places such as Florida and the Caribbean. A source familiar with plans to rescue them said: “They are hoping to make an orderly announcement on Friday so as not to cause a panic.”
Related Links

• Analysis: nobody is too big to go under

• XL Leisure Group enters crisis funding talks

• Passengers lose out as Zoom collapses

As most customers will have booked their holiday as a package, they will be covered by insurance from the Air Travel Organisers’ Licensing. This should pay for their flights back to Britain and hotels but many will be stuck in airports for days as they wait for seats on other airlines.
People who have booked holidays with XL for future dates should also be able to reclaim their money. However, passengers who booked flights and hotels direct with XL but not as part of a package will lose theirs.
XL is the third-largest package holiday company in Britain after Thomas Cook and Tui Travel, which owns First Choice. The company sponsors West Ham United, and its financial difficulties call into question the future of a £2.5 million annual sponsorship deal with the Premiership football club.
XL has its name on the front of the shirts and the logo emblazoned on the roof of one of the stands at Upton Park, the club’s home ground in East London. The sponsors are also given a hospitality box at the ground.
The probable failure of a tour operator as large as XL, which owns the brands Kosmar, XL.com, Freedom Flights and Travel City Direct, will shock the travel industry.
The economic climate combined with high fuel costs has put pressure on all airlines and holiday companies. Last month Zoom, the low-cost transatlantic airline, declared bankruptcy, stranding hundreds of passengers in Canada and the US.
Seguro Travel, a package holiday operator based in Scotland, said yesterday that it was entering into administration. The company offered package deals to Gran Canaria and Costa Brava from Glasgow. Seguro put blame for its closure on the failure of Futura, a Spanish airline that provided 80 per cent of its flights.
So far this year more than two dozen airlines and holiday companies have gone into bankruptcy and analysts believe that many more will follow in the coming months as seasonal demand and revenue drops sharply in the winter.
One industry expert said: “This will cause great trauma for many people. But it is not surprising, as many weaker airlines and holiday firms will struggle in the current environment.”
XL operated from Gatwick, Manchester, Glasgow, Newcastle and Birmingham. According to its last full set of financial results, it lost £24 million on a turnover of £550 million in 2007. It has more than 2,000 employees and is understood to owe large sums of money to Landsbanki, an Icelandic bank, and Straumur, an Icelandic investment fund. Its total debt was more than £200 million, according to company documents.
XL could not be reached for comment last night.

desaccess

Hi Mary

your words are sadly true

Xl has folded as per CAA anouncement this am

MDS

The website is now closed, with an official statement.

RIP Excel.

transwede

Good luck to all staff. We must be in some bad state in the industry for the 3rd largest UK leisure group to fold. Hope everything works out for the staff.

revo

Last XLA flight to arrive at Manchester at 1020 according to www.manairport.co.uk

Good luck to all staff involved

valentino666

I thought I'd made the last XL landing but it looks like I've been beaten!

Skywalker4551

I don't need to share their bona fides - they were right.

I have tons of sympathy with everyone at XL, I hope everyone comes out of this okay - and that applies to the passengers too, not easy for them either.

jhangiani

As an Ex-Employee of XL, and a very recent one at that, i wish all the Employees of XL the best for the future, it was a good ride and all involved were professional to the end.

Hope your plans become fruitful......

jamesp

i've flown several times wth xl. very good airline i've no complaints. cant believe they're finished. i hope all staff find some luck and hope rapidly.. its a shame it could'nt of been some other airline.. ( not that i wish for any airline to go under )

WATABENCH

Good to see the industry pulling together to help out stranded pax with FR dedicating an aircraft for 2 weeks to the CAA and others like EZY, FLYBE and BMI, also First Choice and Thomson helping out where they can, this from their website.


Latest news - XL Assistance
First Choice Holidays and Thomson step in to help out XL customers

First Choice and Thomson regret that holidaymakers have had their holidays disrupted following the collapse of XL.

Both First Choice and Thomson intend doing everything they can to assist those passengers on ATOL protected flights or holidays, whether it be by aiding their repatriation or helping those who are yet to travel in arranging another holiday and claiming a refund. We will also where possible do our utmost to assist with the repatriation of those who booked a flight-only or a dynamic package and were not protected. If available, they will be able to purchase seats home on our flights.

Dermot Blastland, Managing Director of First Choice and Thomson commented "Unlike customers who booked with package tour operators, customers who booked with scheduled airlines, low cost airlines and online intermediaries often do not have the benefit of financial protection. This means that, in the event of a failure, customers may be stranded overseas or unable to get their money back. We estimate that more than 10,000 people have travelled without ATOL protection and could be stranded if we and others don’t step in to help. For quite some time, we have been lobbying the government to recognise the need for a level playing field for all providers of overseas leisure travel arrangements. We are frustrated with the Government for not stepping in sooner which means we are now faced with a situation whereby those passengers who were not ATOL protected, need our assistance with repatriation and will have to pay for their flight seats home."

First Choice and Thomson assist those stranded overseas

XL customers currently overseas will be able to continue with their holidays as planned. We are currently organising the repatriation of customers who booked ATOL bonded packages and are stranded in Spain, Portugal, Bulgaria, Sardinia and Egypt and these flights will take place as close to the passengers original departure dates as possible. Our overseas teams will be working closely with the existing XL representatives in resort to facilitate the repatriation of customers back to the UK.

Passengers currently stranded overseas are advised in the first instance to visit the CAA website (Air Travel Organisers' Licensing | ATOL) or call +44 (0)2891856547. There will also be links from the XL website.

Further assistance available for those due to travel

First Choice and Thomson are committed to offering an alternative holiday to those XL customers that have booked an ATOL protected package or flight and are yet to travel. We are advising customers who booked direct, or through a First Choice or Thomson shop, to take their XL booking confirmation to any of our branches nationwide. Our experienced retail team will be able to arrange an alternative holiday from our wide range of destinations and assist with claiming the refund for their XL holiday or flight. Customers can therefore rebook to go to their original destination or an alternative simply by paying the difference in the package price if the cost is higher.

For those customers that have booked a First Choice or Thomson holiday with flights originally operated by XL, we will take them to their original destination via a flight with our in house airlines, Thomsonfly and First Choice Airways or, in instances where neither are available, an alternative airline with a travel associate. Should any travel arrangements be subject to change, our customer services team will proactively advise our customers in advance.

Those who have booked a holiday or flight with a travel agent other than First Choice or Thomson are advised to visit the travel agent that originally sold them the holiday, who will be able to look at all available First Choice or Thomson holiday options.

First Choice and Thomson have a dedicated helpline for those not near a First Choice or Thomson shop, which is as follows: Tel: 0871 231 5704

Background information:

All package holiday companies offering air inclusive arrangements must have an Air Travel Organisers Licence or ATOL, which ensures that consumers are repatriated or given a full refund if an airline collapses. This cover is usually not available when customers book separate flights and accommodation. A customer who books a scheduled flight direct with an airline is not given the same financial protection as those booked as part of a package.

Many consumers have a false sense of security, believing that their travel insurance will cover them if an airline fails, but usually, this is not the case. Credit card companies do offer some protection, but they will not repatriate passengers if they are abroad.

A recent survey of Thomson Holidays' customers found that over 90% of holidaymakers said that having their holiday financially protected was important to them but also found that consumers were confused with over 50% of holidaymakers still wrongly believing that booking a scheduled flight directly with an airline meant they were financially protected in the event of bankruptcy.

Despite a Government commitment to encourage scheduled airlines to communicate the fact that flight only bookings are not protected by the ATOL scheme, over 50% of passengers wrongly believed that having paid upfront for their flights in good faith, their money would be protected if the airline went bankrupt.

More detailed advice for customers:

XL Customers who booked direct

If you have booked a holiday or flight with one of these holiday companies direct (ie: not through a travel agent), please go to your local First Choice or Thomsone travel shop. In most cases they will be able to transfer the value of your booking to a new holiday with the minimum of fuss. Our retail staff will be able to then reclaim the value of your lost holiday.

XL Customers booked through a First Choice or Thomson Shop

If you have booked a holiday with one of these companies through a First Choice or Thomson Travel Shop, please go back to the shop where they will be able to help. In most cases we will be able to simply transfer the value of your holiday with the failed company onto another holiday. The travel agent will be able to then reclaim the value of your lost holiday.

XL Customers who booked with a travel agent

If you booked a holiday with one of these companies through any other high street travel agent brand please go back to see them. We are working closely with all UK travel agents on this issue and will in most cases be able to transfer your lost holiday value onto a First Choice or Thomson holiday with the minimum of fuss and no penalty.

In all cases customers should bring all the original documents and proof of payments made to the travel agent. This will help speed things up.

"Good luck for the future to all at XL and sister companies."