Hang on a moment everyone.
I don't recall anyone saying that TCG had run out of money
Here you go:
Thomas Cook Group plc announces that as a result of deterioration of trading in some areas of the business in the current quarter, and of its cash and liquidity position since its year end, the Company is in discussions with its principal lending banks with regard to its facilities during the seasonal low period of cash in the business.
Thomas Cook Group PLC - Update
Are they out of cash today? Probably not, as you say it would be illegal to continue trading when insolvent.
Do they have enough cash to get through Christmas? No, they most likely don't or else they would not have released the above statement.
I would however book a holiday with them even now, because you'll get your money back if it all goes belly up.
Granted you would get your money back, eventually, you would however not get to enjoy your holiday and would be hard pressed to find an alternative.
I don't think it looks brilliant, but I don't think it is quite over yet.
I agree, something will arise out of this mess. The banks will do their best to get at least part of their original investment back, hence the appointment of a debt advisor today.