Thomas Cook financial woes
Cool Mod
Join Date: Apr 1998
Location: 18nm N of LGW
Posts: 6,185
Likes: 0
Received 0 Likes
on
0 Posts
All logic has left PPRuNe - and there is little we can do.
My posts above informing you of the difficulties are 6 hours out - which is the time in LA. Other parts of PPRuNe are ocassionaly OK.
EDIT: This post is now correct in time and position. For how long is in the laps of those charged with maintaining the site.
PPP
My posts above informing you of the difficulties are 6 hours out - which is the time in LA. Other parts of PPRuNe are ocassionaly OK.
EDIT: This post is now correct in time and position. For how long is in the laps of those charged with maintaining the site.
PPP
Join Date: Jul 2007
Location: UK
Posts: 410
Likes: 0
Received 0 Likes
on
0 Posts
Personally, I wish all staff at TCG well. I sincerely hope that the bulk of the group can be sold on to a financially strong player in the travel industry if it cannot be saved as a standalone operation. Thomas Cook is an iconic brand, and I hope to see it around still ten years from now ... albeit (most likely) under new ownership.
Truth is the fate of TCG is in the lap of the gods - Sorry bankers.
Fact is that David Cameron seems very keen on TCG not to go under.
IF TCG does go under, then the banks get nothing.
If TCG is restructured - The banks will get some, if not all of their Wonga back..
I reckon that TC will survive is some form, I also reckon peoples holidays already booked are safe..reason I say that is TCG is still trading, and could not take any new bookings is they where (bankrupt).
The press is right to report the facts - it's then up to Joe Public to make up their own minds whether to book Thomas Cook or not. So long as the facts are published in a fair and none sensational manner.
My guess is some won't, but most will as their money is protected.
I wish Thomas Cook well and hope they do survive.
Last edited by Ernest Lanc's; 25th Nov 2011 at 20:14.
Join Date: Sep 1999
Location: Middle England
Posts: 611
Likes: 0
Received 0 Likes
on
0 Posts
Some good news for all Kestrels:
25 November 2011
Thomas Cook Group Plc
Amendment to existing bank facilities and new £200m bank facility signed
Thomas Cook Group is pleased to announce that we have reached agreement with our banking group to provide the Group with a new facility that significantly improves the robustness of the Group’s financial position.
Our banks, led by Barclays, HSBC, RBS and UniCredit, have agreed to provide a new £200m facility available until 30 April 2013, which replaces the £100m short-term facility announced on 21 October 2011. In addition, they have agreed a further relaxation of the financial covenants under the existing facilities. This provides the Group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment.
As previously announced, the Board is taking steps to reduce the Group’s debt and reach a more appropriate capital structure over time. The Group will also undertake a strategic review.
The Group will announce its preliminary results for the twelve months ended 30 September 2011 during the week commencing 12 December 2011.
Sam Weihagen, Group Chief Executive, Thomas Cook Group plc said:
“I am absolutely delighted that we have reached agreement and I would like to thank the banks for acting so swiftly. Over the last few days, we have been overwhelmed by the messages of support from our holidaymakers, suppliers and partners and I would like to thank them for their good wishes and our employees for their hard work and dedication. For over 170 years Thomas Cook has provided customers across the world with fantastic travel experiences. Today they can look forward confidently to holidays with us for many years to come.”
25 November 2011
Thomas Cook Group Plc
Amendment to existing bank facilities and new £200m bank facility signed
Thomas Cook Group is pleased to announce that we have reached agreement with our banking group to provide the Group with a new facility that significantly improves the robustness of the Group’s financial position.
Our banks, led by Barclays, HSBC, RBS and UniCredit, have agreed to provide a new £200m facility available until 30 April 2013, which replaces the £100m short-term facility announced on 21 October 2011. In addition, they have agreed a further relaxation of the financial covenants under the existing facilities. This provides the Group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment.
As previously announced, the Board is taking steps to reduce the Group’s debt and reach a more appropriate capital structure over time. The Group will also undertake a strategic review.
The Group will announce its preliminary results for the twelve months ended 30 September 2011 during the week commencing 12 December 2011.
Sam Weihagen, Group Chief Executive, Thomas Cook Group plc said:
“I am absolutely delighted that we have reached agreement and I would like to thank the banks for acting so swiftly. Over the last few days, we have been overwhelmed by the messages of support from our holidaymakers, suppliers and partners and I would like to thank them for their good wishes and our employees for their hard work and dedication. For over 170 years Thomas Cook has provided customers across the world with fantastic travel experiences. Today they can look forward confidently to holidays with us for many years to come.”
Congratulations are due to TC and the banks in sorting out the financing at least in the short term. It remains to be seen whether the iceberg has just scuffed the paintwork.
I am reminded of the old saying 'owe the bank ten pounds and you are a criminal, owe them ten thousand and you are one of their best customers!'...except these days you have to add a few zeros to the total.
I am reminded of the old saying 'owe the bank ten pounds and you are a criminal, owe them ten thousand and you are one of their best customers!'...except these days you have to add a few zeros to the total.
Airtours never merged with JMC to form Thomas Cook. Thomas Cook was already established when MyTravel merged into them several years after JMC.
with the slight clarification that JMC was already actually Thomas Cook.
They decided to use the name JMC and the bright colours as their market research told them that the name Thomas Cook was seen as "old & staid" and not attractive to the younger generations they were trying to attract.
The name JMC stood for John Mason Cook
..........
I see that the new line of credit has been approved, now begins the just as hard task of overcoming the recent publicity to try and get sales in over the next few months
Join Date: Dec 1999
Posts: 342
Likes: 0
Received 0 Likes
on
0 Posts
Are TCG going to go out of business in the next couple of months.....
No
Can TCG trade their way out of the current situation with Europe economically on its Knees and the situation set to get much, much worse shortly.
No
I can only see one of three possible outcomes in the next year.
AA/Massive (and I mean massive) reduction in capacity and quickly.
BB/ Take over by TUI (the charter market IS OVER).
CC/ Tut, tut Tootsie.....
Me? I,m just trying to get my pension money out. I just pray they have not spent it all in their pension "reinvestment" process.............
No
Can TCG trade their way out of the current situation with Europe economically on its Knees and the situation set to get much, much worse shortly.
No
I can only see one of three possible outcomes in the next year.
AA/Massive (and I mean massive) reduction in capacity and quickly.
BB/ Take over by TUI (the charter market IS OVER).
CC/ Tut, tut Tootsie.....
Me? I,m just trying to get my pension money out. I just pray they have not spent it all in their pension "reinvestment" process.............
Join Date: Jun 2001
Location: On The Golf Course - On the River..!!
Posts: 40
Likes: 0
Received 0 Likes
on
0 Posts
Missing Dave and Jack.!!
It's great news to hear that there has been a bit of common sense in the banking fraternity... just for once
My best wishes to all at Tommy Cook
As an ex-Airtours...(aka MyTravel)... driver..
I wish Dave Parsons.. and Jack Brown had a bit to play in future strategy
Best Flt Op's gaffers in the business... and sorely missed
Cheers
Scotty D
My best wishes to all at Tommy Cook
As an ex-Airtours...(aka MyTravel)... driver..
I wish Dave Parsons.. and Jack Brown had a bit to play in future strategy
Best Flt Op's gaffers in the business... and sorely missed
Cheers
Scotty D
Join Date: Dec 1999
Posts: 342
Likes: 0
Received 0 Likes
on
0 Posts
According to the business setion of todays Sunday Times.
TCX are overcrewed and their aircraft utilisation figures are noticeably poorer than TUI.
Oh and I agree about messers Parsons and Brown. I was always impressed by them both.
TCX are overcrewed and their aircraft utilisation figures are noticeably poorer than TUI.
Oh and I agree about messers Parsons and Brown. I was always impressed by them both.
Join Date: Jun 1999
Location: UK
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
I'm a pilot flying for TCX and the last few days have been awful. After the realisation about just how rotten the PLC management have been (remember, we have to pay the best 'compensation' and bonuses to get the very best people.....) what has been particularly sickening are the advertising campaigns being run by TUI and Ryanair.
The Ryanair stuff is disingenuous but no real surprise. They are not a nice company and their corporate culture is despicable.
It is the material put out by TUI that really shocks. To claim that 'You're in safe hands' implying that with TCX you're not, simply does not bear examination. Are the advertising people unaware of Girona? Of Bournemouth? Of Paphos? I sincerely hope this 'angle' does not come back to haunt them one day. Even if one were to take the view that the advert refers to the security of the individuals booked holiday it doesn't hold water; that's what ATOL protection is all about.
I'd like some TUI pilots to declare themselves on this thread and tell me what they think and feel about the advertising campaign being run by their Company. If the tables were turned I'd be ashamed if we did something similar.
The Ryanair stuff is disingenuous but no real surprise. They are not a nice company and their corporate culture is despicable.
It is the material put out by TUI that really shocks. To claim that 'You're in safe hands' implying that with TCX you're not, simply does not bear examination. Are the advertising people unaware of Girona? Of Bournemouth? Of Paphos? I sincerely hope this 'angle' does not come back to haunt them one day. Even if one were to take the view that the advert refers to the security of the individuals booked holiday it doesn't hold water; that's what ATOL protection is all about.
I'd like some TUI pilots to declare themselves on this thread and tell me what they think and feel about the advertising campaign being run by their Company. If the tables were turned I'd be ashamed if we did something similar.
Join Date: Mar 2008
Location: LV
Posts: 2,296
Likes: 0
Received 0 Likes
on
0 Posts
I think youre reading too much into it. These adverts are aimed at the financial security/safety. Noone is suggesting the mechanical flying safety of TCX is compromised, and it would need to be a very gullable public to fall for it so I wouldnt lose any sleep over that particular issue.
Join Date: Jan 2007
Location: solihull West Midlands
Posts: 967
Likes: 0
Received 0 Likes
on
0 Posts
Read the TUI advert and yes below the belt..however sure Thomas Cook would have been tempted to do the same thing in a similar situation.
Sadly nobody says businesses are nice..they just do anything to snatch business off their rivals,has always been that ruthless Im afraid.
Nigel
Sadly nobody says businesses are nice..they just do anything to snatch business off their rivals,has always been that ruthless Im afraid.
Nigel
Join Date: May 2011
Location: Derby/EMA
Posts: 164
Likes: 0
Received 0 Likes
on
0 Posts
Actually i dont think TCX would have run a advert in a similiar vein, and i dont think there really was any need to , people are not stupid, they know only to well now the state of the companies finances and will sadly im sure act accordingly when booking next years holiday, very hard to see how TCX will bounce back from this avalance of negative reporting but i really hope they do .
Join Date: Sep 2002
Location: Manchester
Posts: 1,106
Likes: 0
Received 0 Likes
on
0 Posts
Unfortunately, one of the problems here is a matter of brand recognition. There are a surprising number of people out there (amongst the general public) who get Thomson and Thomas Cook mixed up. Some actually believe they are the same company.
Only recently, some friends suggested to me that I had directed them to the wrong terminal at MAN for their "Thomson" flight. Upon checking, it turned out they had been booked with Thomas Cook. And they still didn't twig it was a different airline until I spelled it out!
In summary, I believe that Thomson is aiming to reassure clients who think it is THEY who have experienced these recent difficulties.
Only recently, some friends suggested to me that I had directed them to the wrong terminal at MAN for their "Thomson" flight. Upon checking, it turned out they had been booked with Thomas Cook. And they still didn't twig it was a different airline until I spelled it out!
In summary, I believe that Thomson is aiming to reassure clients who think it is THEY who have experienced these recent difficulties.
Join Date: Aug 2000
Location: EGGW
Posts: 2,112
Likes: 0
Received 0 Likes
on
0 Posts
Bernoulli
I do not like what TUI & especially Ryanair have done, but you are incorrect with your statement about ATOL protection.
The so called experts l watched on TV, SC on the BBC for example got it wrong and could have done TC a lot more damage if they had told the facts correctly.
Your holiday was not safe if TC failed or any other operator for that matter, your money would have been, but not your holiday.
If you were going to book a honeymoon trip, would you have risked it, l would not have.
Now if l were booking just a holiday and it did not matter to much to me if my holiday had to change, or l would have to pay for a replacement before my refund arrived, then l would have booked with TC, no problem.
All l can say is good luck to all at TCX, in my opinion especially those in the maintenance/engineering part of the company, because l think you are going to need it l am afraid.
The so called experts l watched on TV, SC on the BBC for example got it wrong and could have done TC a lot more damage if they had told the facts correctly.
Your holiday was not safe if TC failed or any other operator for that matter, your money would have been, but not your holiday.
If you were going to book a honeymoon trip, would you have risked it, l would not have.
Now if l were booking just a holiday and it did not matter to much to me if my holiday had to change, or l would have to pay for a replacement before my refund arrived, then l would have booked with TC, no problem.
All l can say is good luck to all at TCX, in my opinion especially those in the maintenance/engineering part of the company, because l think you are going to need it l am afraid.