There is evidence of severe mismanagement here..
Remember that TCG's customers ALL pay in full 8-10 weeks before they depart.. no-one gets credit so there are no bad debts. TGC in turn (if they're like the other bucket n spaders) pay their hotels, typically, 3-12 months after their customers have returned home. How the hell can thay have cashflow issues if the business is run properly? IMHO they will be very lucky indeed to raise additional trading capital. Good luck to many fine employees all the same. TP