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Thomas Cook-2

Old 13th Sep 2019, 17:48
  #621 (permalink)  
 
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Originally Posted by NormanDLandings View Post
Thereís a lot more going this year than last.
from travel weekly

Thomas Cook is reportedly seeking an additional £100m in funding from lenders on top of the £900m proposed last month as it warns it could face collapse if a deal is not finalised this month.

Talks between Thomas Cook and stakeholders resulted in a request for an additional standby borrowing facility to give reassurance to its lending banks, according to Sky News.

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Old 13th Sep 2019, 20:45
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I am sorry to say, but this is beginning to look more and more like a Monarch Mk2.
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Old 13th Sep 2019, 23:48
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The share price has fallen 94 % in the last 12 months. The entire company (travel agencies, airlines, etc) is now worth less than the list price of a single A321.

Update - The Times reports that the CAA is making contingency plans for the possible collapse of Thomas Cook. While the airline can legally operate independently of the travel agency and thus the airline has no formal need of an ATOL, the lack of an ATOL would force the UK travel agency business into closure and mean a significant decline in the number of pax for the airline - airline ops would likely be deeply loss making without the revenue from the ATOL-based travel agency. The ATOL is reported to be due to expire on Tuesday 01 October - not sure if that's Tuesday morning or Tuesday evening. Talks have reportedly been held with Alix Partners about a possible bankruptcy

This is the time of year when leisure-based travel agencies and airlines find cashflow becoming very tough - summer has positive cashflow, but the period from October to April does not
I really hope that Thomas Cook pull through - it is very sad to see such a proud name going through such problems

Disclaimer - I have a flight booked on my debit card with Thomas Cook,so if they go bust I lose out financially

Last edited by davidjohnson6; 15th Sep 2019 at 03:42.
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Old 15th Sep 2019, 07:39
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As I repeated above, Thomas Cook isn’t a travel agent, its a tour operator (as stated correctly in The Times article). The difference being that a Tour Operator acts as ‘principal’ on a booking (i.e. they take all the responsibility), and an agent is the reseller of a tour operator. Yes, I do know that Thomas Cook Retail do resell other tour operators, so they do act as an agent in part.

The important part is the ATOL renewal, just as it was with Monarch and we’re at the same time of year when XL went down as well I think about 10 years ago. Just like Monarch, even if the airline does have the option of life independent it could just fall down like a pack of cards. Without the ATOL its likely that everything will go down, although the airline is more attractive as a whole (especially in Germany) than Monarch was.
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Old 15th Sep 2019, 09:49
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In other news G-TCDS has rolled out the paint shop in SNN
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Old 15th Sep 2019, 10:44
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So still clearly able to pay the bills!
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Old 15th Sep 2019, 11:55
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https://www.bbc.co.uk/news/business-49707230

The situation has reached the business pages of the BBC website.
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Old 15th Sep 2019, 12:03
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Originally Posted by VickersVicount View Post
So still clearly able to pay the bills!
Its not about being able to pay the bills now, its about satisfying the CAA that they can pay the bills come next summer. They have enough money for the moment, but if the CAA are not convinced, they can pull the ATOL licence (as they did with Monarch).
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Old 15th Sep 2019, 13:03
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Originally Posted by toledoashley View Post


Its not about being able to pay the bills now, its about satisfying the CAA that they can pay the bills come next summer. They have enough money for the moment, but if the CAA are not convinced, they can pull the ATOL licence (as they did with Monarch).
The tour operator are in well over 10x more debt than Monarch were when they went
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Old 15th Sep 2019, 15:16
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Username - are you the chap who was with MON/OM then went to Primera Air, then flies now with TCK? If so, then gosh I really feel for you old chap . Hope all turns out well for you etc
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Old 15th Sep 2019, 15:41
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Originally Posted by USERNAME_ View Post


The tour operator are in well over 10x more debt than Monarch were when they went
Technically its the ĎThomas Cook Groupí which is in trouble, which includes the airline, tour operation and retail stores. Itís irrelevant that one piece of that is profitable, unless its sold.
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Old 15th Sep 2019, 15:49
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Originally Posted by rog747 View Post
Username - are you the chap who was with MON/OM then went to Primera Air, then flies now with TCK? If so, then gosh I really feel for you old chap . Hope all turns out well for you etc
I am cursed, if it happens, Iím praying itís not the 2nd October again. But thanks for your kind words, fingers crossed Frankhauser and co can get this deal nipped in the bud and we can carry on
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Old 15th Sep 2019, 15:54
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Old 15th Sep 2019, 16:13
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Always happens end of summer. Good luck TC
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Old 16th Sep 2019, 15:25
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Originally Posted by davidjohnson6 View Post
The share price has fallen 94 % in the last 12 months. The entire company (travel agencies, airlines, etc) is now worth less than the list price of a single A321.

Update - The Times reports that the CAA is making contingency plans for the possible collapse of Thomas Cook. While the airline can legally operate independently of the travel agency and thus the airline has no formal need of an ATOL, the lack of an ATOL would force the UK travel agency business into closure and mean a significant decline in the number of pax for the airline - airline ops would likely be deeply loss making without the revenue from the ATOL-based travel agency. The ATOL is reported to be due to expire on Tuesday 01 October - not sure if that's Tuesday morning or Tuesday evening. Talks have reportedly been held with Alix Partners about a possible bankruptcy

This is the time of year when leisure-based travel agencies and airlines find cashflow becoming very tough - summer has positive cashflow, but the period from October to April does not
I really hope that Thomas Cook pull through - it is very sad to see such a proud name going through such problems

Disclaimer - I have a flight booked on my debit card with Thomas Cook,so if they go bust I lose out financially

Some of the 'legality' will depend on how the corporate structure exists as of now. In some structures it is possible that the main group could call in the administrators and the airline could continue on. In other cases the airline would be under administration. Further, depending on the terms of the loans specific to the airline the collapse of the rest of TC group would leave TCX as a creditor to TC overall. The result is the airline could quickly become insolvent. In which case they would have to call in the administrators. The challenge is under CAA rules administrators are not 'fit and proper' so the AOC is immediately suspended. In which case a quick sale of the airline to a well funded backer might be the only option. Note: I am not speculating on what the actual situation or likely outcome are, just that Administration of the holiday arm of TC can quickly prove fatal to TCX.
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Old 16th Sep 2019, 16:01
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https://www.thesun.co.uk/travel/9936...hdog-collapse/

Rubbish like this doesn’t help ,typical sun garbage
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Old 16th Sep 2019, 16:37
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Originally Posted by Doc Q View Post
organsinisng
https://www.thesun.co.uk/travel/9936...hdog-collapse/

Rubbish like this doesnít help ,typical sun garbage
Not really, BBC has reported same, and the Broad-sheets too in past 48 hours - They are only commenting on what the CAA are looking at doing - Which is the setting up and preparing to charter aircraft/ACMI airlines to be put on standby for repatriation flights should the worst happen.

Of course the punters will be put off making future bookings but the immediate crisis (renew the annual ATOL bond) is what now needs to be addressed in order to restore those bookings - Hope all goes well for all concerned.
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Old 16th Sep 2019, 17:50
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The Sun ripped the article from ThisIsMoney written 6 hours before. It's almost plagiarism.
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Old 16th Sep 2019, 20:51
  #639 (permalink)  
 
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For once the sun is not printing garbage, especially that they have postponed Wednesday's vote on the take over deal.
A statement from Cook said: As part of the process to finalise the full commercial terms between Thomas Cook Group’s creditors and stakeholders, the Scheme Meetings and the Schemes Sanction Hearing relating to Thomas Cook Group’s proposed recapitalisation will take place on the 27 and 30 September respectively.
This now means that it is going to go down to the wire, with the CAA.
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Old 16th Sep 2019, 22:00
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Originally Posted by Mr @ Spotty M View Post
For once the sun is not printing garbage, especially that they have postponed Wednesday's vote on the take over deal.
A statement from Cook said: As part of the process to finalise the full commercial terms between Thomas Cook Groupís creditors and stakeholders, the Scheme Meetings and the Schemes Sanction Hearing relating to Thomas Cook Groupís proposed recapitalisation will take place on the 27 and 30 September respectively.
This now means that it is going to go down to the wire, with the CAA.

The CAA wont pull the plug , not a chance
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