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Thomas Cook-2

Old 21st Sep 2019, 10:48
  #901 (permalink)  
 
Join Date: Jul 2018
Location: Exmouth
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Originally Posted by toledoashley View Post
Both are covered by the ATOL scheme, so repatriation and refunds on future packaged holidays. Its questionable if the Air Travel Trust Fund (where the ATOL money comes from) has enough in it to cover £600m.

Ive heard there is a chinese billionaire who is considering injecting a lot of cash into the company
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Old 21st Sep 2019, 10:49
  #902 (permalink)  
 
Join Date: Apr 2008
Location: United Kingdom
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Originally Posted by tom775257 View Post
Just in case the worst happens, I would recommend downloading anything you can from company servers - things like pay slips, tax info, training records, evidence of hours etc. Hopefully it wonít be needed!
Seconded! I was at Bmi Regional when it went in February and very relived I did this. You WILL need this stuff and depending on how good or not the administrators are you may find it difficult to come by. I have needed both my training records to get a new job and had to have my payslips for my mortgage!
my sincerest hopes that you guys will pull through, having been there, itís horrid. Especially for some ex Bmi bods who went there after they folded.
All the best guys and gals.
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Old 21st Sep 2019, 10:58
  #903 (permalink)  
 
Join Date: Sep 2009
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Those of us who have been through this before and are going through it again know the score. If it happens, itíll be well timed and instant. No amount of guessing what has and what hasnít been Ďimpoundedí will help the situation.

Similarly, we all know the CAA have plans in place (as is well publicised all across the news) so postings about A380ís heading in the vague direction of the UK helps nobody!
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Old 21st Sep 2019, 11:13
  #904 (permalink)  
 
Join Date: Nov 2013
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Originally Posted by CW247 View Post
The CAA should and absolutely must be ahead of the game. With only 20 inbound flights to Turkey cancelled, 4000 people are suddenly left with no flights, no hotels and literally no where for kids and the elderly to put their heads down for the night unless they cough up the money themselves in the midst of a massive price hike. I could see the Turkish military getting involved at Antalya unless measures to pick people up are put in place right now. This is where we are folks. Time to accept the reality.
20 Flights Inbound cancelled? where did you get this info mate???? (No TCX flights has been canceled!)
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Old 21st Sep 2019, 11:15
  #905 (permalink)  
 
Join Date: Jul 2018
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Originally Posted by CW247 View Post
The CAA should and absolutely must be ahead of the game. With only 20 inbound flights to Turkey cancelled, 4000 people are suddenly left with no flights, no hotels and literally no where for kids and the elderly to put their heads down for the night unless they cough up the money themselves in the midst of a massive price hike. I could see the Turkish military getting involved at Antalya unless measures to pick people up are put in place right now. This is where we are folks. Time to accept the reality.

Reality is TC flights are operating perfectly normally with no dramas taking place ,aircraft being impounded or service providers demanding cash .....
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Old 21st Sep 2019, 11:29
  #906 (permalink)  
 
Join Date: Nov 2010
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Originally Posted by Doc Q View Post



Reality is TC flights are operating perfectly normally with no dramas taking place ,aircraft being impounded or service providers demanding cash .....
i think CW247 is speaking hypothetically but should really engage their brain before opening their mouth. Just had my daughter on in tears (works at TCís head office in Peterborough) and sheís none the wiser as to what is happening. Tough times for all the TC staff so hopefully a deal can be struck to at least give the company to get back on its feet in whatever form is needed to grow once again.
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Old 21st Sep 2019, 11:29
  #907 (permalink)  
 
Join Date: Oct 2006
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If the worst happened the Hi,-Fly would not position to a UK airport it would be used to bring tourists BACK to the UK from Spain, Portugal etc. Can we get some commonsense and hope the worst does not happen.
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Old 21st Sep 2019, 11:33
  #908 (permalink)  
 
Join Date: Apr 2008
Location: MANCHESTER
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Originally Posted by CW247 View Post
Yes, but people are confusing things and claiming the government will have to spend £600 million if they don't chip in with £200 now. Time this nonsense was put to bed.
it is very sad news, I agree with all the sentiment

what does the govt save next?
get the Vulcan going again? Concorde?
what about reintroducing steam trains?

theyíll be hell to pay if every business sailing close to the wind, got a bailout because itís nice to be nice.
it canít keep bailing out things just Cos itíll be a shame.
a shame is when kids are dying in our hospitals because thereís not enough nurses.
itís a shame thereís not enough police and ambulance staff.
I hope they survive, and Iím the first to admit I donít fully understand the circs, but I do fear for their future sadly


Last edited by j4ckos mate; 21st Sep 2019 at 13:20.
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Old 21st Sep 2019, 11:42
  #909 (permalink)  
 
Join Date: Oct 2012
Location: Wales
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Sadly I believe this has been coming for all long time for Thomas Cook. Have used them for holidays and flights but never been impressed with quality of staff, airplanes, service etc when compared with other companies. Sadly it is not Brexit that has caused the problem but TC Management. Having said this, idle gossip about the future does not help the situation for those involved. Lets remember that we might talk about holidays, planes, transport etc but what it really is about is the impact on the individual lives of those who work for the package company, travel agent, airline, airports they use etc etc. This situation impacts on people with families and lives who are obviously worried about the future. It may be that TC goes bust today, tomorrow, next week … but lets stick to facts so as not to alarm people too much
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Old 21st Sep 2019, 12:01
  #910 (permalink)  
 
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Originally Posted by CW247 View Post
Yes, but people are confusing things and claiming the government will have to spend £600 million if they don't chip in with £200 now. Time this nonsense was put to bed.
The £600m would be paid out of the Air Travel Trust Fund, which is contributed to by every person booked on a ATOL bonded package with a fee of £2.50.
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Old 21st Sep 2019, 12:05
  #911 (permalink)  
 
Join Date: Sep 2012
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Originally Posted by toledoashley View Post
The £600m would be paid out of the Air Travel Trust Fund, which is contributed to by every person booked on a ATOL bonded package with a fee of £2.50.
It has also been widely exaggerated and, allegedly, it is more like £100M-£150M not £600M.

I have heard whispers they are going to go into Administration tonight. I really hope they can be saved though.
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Old 21st Sep 2019, 12:12
  #912 (permalink)  
 
Join Date: Jul 2018
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Originally Posted by JonnyH View Post


It has also been widely exaggerated and, allegedly, it is more like £100M-£150M not £600M.

I have heard whispers they are going to go into Administration tonight. I really hope they can be saved though.
Whispers from whom exactly ? The postman? next doors cat ? aunt mabels budgie?

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Old 21st Sep 2019, 12:12
  #913 (permalink)  
 
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Very true, as we just don't know what their forward bookings are looking like for the Winter and into next summer. It would be more than Monarch though due to their size and exposure to long haul destinations.
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Old 21st Sep 2019, 12:23
  #914 (permalink)  
 
Join Date: Jul 2018
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Originally Posted by toledoashley View Post
Very true, as we just don't know what their forward bookings are looking like for the Winter and into next summer. It would be more than Monarch though due to their size and exposure to long haul destinations.

One things for sure the sort of doom mongering going on here and in the press is not going to help future bookings
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Old 21st Sep 2019, 12:24
  #915 (permalink)  
 
Join Date: Dec 2011
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Forward bookings, whatever they WERE, have died, almost literally. They’re widely understood to be on the verge of total collapse, cash flow just got MUCH worse. Only enormously deep pockets would get through the winter months.
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Old 21st Sep 2019, 12:31
  #916 (permalink)  
MDS
 
Join Date: Jul 2008
Location: Spain
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Not sure why TC should receive a penny of taxpayer money as a bailout. I'm staunchly against privatizing profits and publicizing debts. There's no sentimental value when it comes to business; you don't get to run a staggeringly unprofitable company and get to be bailed out by taxpayer funds just because you happen to have a name that's over a century old. The largest shareholder is a Chinese company, and it's abhorrent to think glorified gambling (the stock market) should be insured by taxpayer funds when things go wrong. Quite frankly; tough.

This forum is a rumour network -- it's in the name. People are free to speculate, that's the purpose of the site. Of course they shouldn't be unsubstantiated rumours, but quite frankly if the viability of a billion pound business is on such shaky legs that a few posts on a rumour forum are enough to kick the bucket, then that's also tough.

Lastly, I feel for the front line staff as they had no input into the business strategies that TC opted to pursue. If things go badly I wish them the best of luck in getting stable employment with a stable company, so they can focus on doing what they do best. If Thomas Cook are able to turn things around, I also wish them the best of luck in future profits and viability -- for their staff, and their customers.

Last edited by MDS; 21st Sep 2019 at 12:36. Reason: Changed "in" to "and"
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Old 21st Sep 2019, 12:37
  #917 (permalink)  
 
Join Date: Oct 2005
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Originally Posted by JonnyH View Post


It has also been widely exaggerated and, allegedly, it is more like £100M-£150M not £600M.

I have heard whispers they are going to go into Administration tonight. I really hope they can be saved though.
Whispers are not what is required Patience, support and FACTS, are !
David
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Old 21st Sep 2019, 12:41
  #918 (permalink)  
 
Join Date: Jun 2005
Location: London, UK
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In the Monarch case two years ago the govt repatriated everyone (not just those ATOL protected) and so the fund did not pay out for those unprotected, leaving the govt to pick up the remaining tab (and they're still pursuing this cost apparently). That precedent having been set, it is likely the govt would have a similar bill for non-ATOL (flight only) bookings were TCX to go the same way.

Under EU rules govt subsidies to airlines are not allowed, so whilst it may seem daft that a govt majority owned bank would insist on a "bond" of say £200m that ends up costing say £600m in repat costs, the rules are the rules. The banks that facilitate credit/debit card transactions can vary the amounts they hold back from an ailing company to up to 100% of the amount the customer pays in these situations at the drop of a hat, and so a company can suddenly find itself short of cash if this happens when it would otherwise have expected to be able to benefit from future bookings. The CAA is also very hard-nosed in the financial due diligence it carries out when renewing an airline's AOC and may itself have asked for a previously unforeseen "bond" to be lodged with it before the new AOC can be issued. Of course the media tends to only get a few scraps of the full picture.
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Old 21st Sep 2019, 12:51
  #919 (permalink)  
 
Join Date: Aug 2006
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Originally Posted by compton3bravo View Post
If the worst happened the Hi,-Fly would not position to a UK airport it would be used to bring tourists BACK to the UK from Spain, Portugal etc. Can we get some commonsense and hope the worst does not happen.
Yeah, because all the Qatar airbuses that were chartered to cover monarch definitely didn't fly into the UK first?
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Old 21st Sep 2019, 12:59
  #920 (permalink)  
 
Join Date: Sep 2010
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Originally Posted by Doc Q View Post



Ive heard there is a chinese billionaire who is considering injecting a lot of cash into the company
so hang on. You have called people (rather aggressively and rudely) for Ďspeculatingí but yet you peddle more positive speculation potentially giving false hope?

There is no difference.
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