It was the ill fated merger with My Travel MYT back in 2007 that was the first and by far the biggest nail in the coffin. The debt that came with MYT proved to be unsustainable and since then the management have spent far too much time and playing the equivalent of twister with the banks. But no matter how much they twisted the debt was still there. Since the merger TC has paid over one billion in fees and interest payments. That left virtually no cash for the investment required to keep up with the competition in a rapidly changing market.