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Thomas Cook-2

Old 7th Jul 2019, 00:08
  #601 (permalink)  
 
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....perhaps involved in covering the above?
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Old 7th Jul 2019, 01:27
  #602 (permalink)  
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Thomas Cook apologises for 'humilitating' treatment of disabled passenger

From The Independent via Yahoo news

Once again airlines have to learn about social media the hard way.
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Old 7th Jul 2019, 09:26
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OY-VKI

It hasn't ben flying though - It's last flight was Friday. That is why I wondered if it was tech at MAN? Should have flown the CUN yesterday and MCO today but both flights are operating on 332 aircraft
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Old 7th Jul 2019, 09:29
  #604 (permalink)  
 
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Heard there was a ground incident with one of the 330's yesterday, mishap while towing or pushback. Might explain some of the problems mentioned above.
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Old 8th Jul 2019, 22:56
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Newest addition to the Longhaul fleet, G–TCXD.
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Old 9th Jul 2019, 20:44
  #606 (permalink)  
 
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Originally Posted by horsebox View Post
Heard there was a ground incident with one of the 330's yesterday, mishap while towing or pushback. Might explain some of the problems mentioned above.
still hasn't moved according to Flightrader24.
OY-VKG is on its way back from the Philippines after maintenance.
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Old 12th Jul 2019, 06:29
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Dear colleagues,

The last few months have been full of uncertainty and I know from many personal conversations that you have been concerned about the future of Thomas Cook. So today, I want to share with you all a proposal to put our business on a more stable financial footing.

Firstly, we are in advanced discussions on a plan that would see Fosun, our largest shareholder and long term strategic partner, and our core lending banks invest a significant amount of new money – a targeted £750m - into our business. This new investment would form part of a wider recapitalisation of our balance sheet, which will involve converting the majority of our current bank and bond debt into new equity or ownership of our business.

By doing this, our existing shareholders will be left with little or no value in the Thomas Cook shares they own. In fact, as the markets open today we expect this to have a very negative impact on our share price. I fully acknowledge that this is not what any of us wanted for our shareholders, many of whom are loyal employees who have stuck by me and the management team for many years. However, we have tried to operate with too much debt for too long and after exploring a broad range of options, it became clear that a deal of this nature was the responsible solution. We will try to preserve as much value as possible for shareholders in the circumstances but we need to be realistic. However, the new money from Fosun and our lending banks, along with significantly lower debt, would give us a more sustainable capital structure and a better future for our business.

This proposal would represent a major commitment from Fosun and our lending banks, backing both the brand and our business for the long term. Giving us the certainty that we need to regain the confidence of our customers and suppliers.

This is just the start of a process and we expect the initial recapitalisation to complete in the Autumn. At the end of the process we will reorganise the ownership of the Group, with the Tour Operator and the Airline becoming separate businesses, still continuing to work closely together. The Tour Operator is likely to become a private company under Fosun majority ownership and the Airline would be majority owned by our banks and the holders of other long-term debt, with Fosun taking a significant minority stake.

This announcement has no impact on our holidays or our flights, which will continue to operate as normal with the same customer protections they’ve always enjoyed. However, this plan does not mean that the fight is over, in fact the challenge is even bigger than before. The pressure is on and the expectations are high, from all sides – our customers, our prospective investors, our hotel partners and the regulators. As we embark on this process we must be prepared to change, and this is within our control to actively manage. Most importantly we need the businesses to become more profitable.

In addition to ensuring the deal is implemented with broad stakeholder support, I have two main priorities throughout this process: our customers and you, my valued colleagues. Our customers are the reason we exist and in this, the peak of our summer season, it is critical that we continue to focus on offering them amazing holidays and experiences that they genuinely can’t get anywhere else.

Finally, I urge you to help me to use this opportunity to deliver to our full potential. As in any transaction of this size and complexity, the recapitalisation and restructuring of our business under new ownership will take time. There is no doubt that the coming months will be challenging and marked by change. However, the expertise, drive and resilience of you our employees around the globe is really what characterises Thomas Cook.
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Old 13th Jul 2019, 04:49
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So they have sold their Gatwick slots to Wizz? Find that hard to believe as TC would be cutting themselves off from much of the London market.
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Old 13th Jul 2019, 06:08
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I didn’t think it was the case that Wizz had picked up slots from Thomas Cook, I just thought they were very off peak - arriving 8-9pm and leaving an hour later.
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Old 13th Jul 2019, 10:59
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Originally Posted by LTNman View Post
So they have sold their Gatwick slots to Wizz? Find that hard to believe as TC would be cutting themselves off from much of the London market.
Have I missed something? Where has that come from?
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Old 14th Aug 2019, 12:08
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Am guessing that bookings in the last couple of months have been below expectations, if they need an extra £150m on top of the bailout just two months ago
https://www.ch-aviation.com/portal/n...scue-financing
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Old 14th Aug 2019, 19:47
  #612 (permalink)  
 
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The A330s have been giving them problems this last week or so, especially in and out of MAN.
Never any good news at the moment.
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Old 20th Aug 2019, 09:04
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Bad News for Thomas Cook Group

Here is a snip-it from Travel Weekly on-line news.
Club Med’s Chinese owner expects to face hurdles in the planned acquisition of a controlling stake in Thomas Cook Group.
Fosun Tourism Group chairman and chief executive Qian Jinnong warned that there was a chance the Chinese company will not take part in the re-organisation of Thomas Cook.
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Old 28th Aug 2019, 14:24
  #614 (permalink)  
 
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Thomas Cook Group has agreed that China-based Fosun Tourism Group, already its largest shareholder, will acquire 75% of the tour-operator business and 25% of the airlines unit in return for a capital injection.

Fosun will contribute £450 million ($546 million) of new money into the group, while other lenders will contribute a further £450 million to acquire the remaining parts of the business – 25% of the tour operator and 75% of the airlines.
Fosun takes 25% stake in Thomas Cook airlines in recapitalisation
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Old 28th Aug 2019, 17:42
  #615 (permalink)  
 
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That’s Brilliant news for all employees, I look forward to see what changes are to be made to the company.
I think we can all agree pumping money into a company that has struggled for a number of years is not enough and major changes must be in the pipeline.
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Old 28th Aug 2019, 18:41
  #616 (permalink)  
 
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Originally Posted by daz211 View Post
That’s Brilliant news for all employees, I look forward to see what changes are to be made to the company.
I think we can all agree pumping money into a company that has struggled for a number of years is not enough and major changes must be in the pipeline.
One of the biggest problems has been servicing the debt pile. I think they have spent over £1 billion on interest payments to the banks over the last few years. But I agree, major changes are needed. The retail network will be the first to go.
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Old 9th Sep 2019, 14:52
  #617 (permalink)  
 
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Not a single one of the seasonal cabin crew(less a handful of 2016 starters) at any of the U.K. bases have been kept through the winter, which is incredibly strange.
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Old 11th Sep 2019, 11:58
  #618 (permalink)  
 
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Not really. A lot of UK narrow bodies are off to Canada this winter.
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Old 11th Sep 2019, 19:13
  #619 (permalink)  
 
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Originally Posted by 763 jock View Post
Not really. A lot of UK narrow bodies are off to Canada this winter.
happened last winter too, yet more crew were kept on than let go.
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Old 11th Sep 2019, 19:53
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There’s a lot more going this year than last.
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