Originally Posted by
LGS6753
TCX's best hope is that the Chinese conglomerate Fosun agrees to stump up the additional £200m reserves requested by the Banks. Until they refuse, the Directors will be concentrating on that avenue, as it provides a long-term solution. Failing that, there may be other avenues under discussion, such as:
- fire sale of assets
- new lines of credit from banks (unlikely)
- another potential rescuer (unlikely)
It's inconceivable that Government will provide rescue funds.
I wish all those associated with TCX well. Rest assured that the Directors will be doing everything they can to save the company. That's what they are paid for, and their reputations will be damaged by failure.
Fosun have already walked away, which is why Thomas Cook Group appealed to the Government days ago. This was all published in the New York hearings that I posted about in this thread but was dismissed about owing to the fact that I know nothing.... I know plenty to say that what we are seeing now, is exactly because of what happened in New York last week. Fosun is the red herring in all this. The bondholders have said no. Thomas Cook is now asking the British Government (note, not the German or Scandinavian Govts where they have significant and more profitable operations) for a bailout.
It won't be forthcoming. We are now entering the final 24 hours of the existence of the oldest British tour operator, sans a an 11th hour billionaire willing to buy up assets over two countries and and an orderbook of debt.
Sorry, but its true.