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Originally Posted by toledoashley
(Post 10575191)
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 |
Originally Posted by tom775257
(Post 10575079)
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 won’t be needed! my sincerest hopes that you guys will pull through, having been there, it’s horrid. Especially for some ex Bmi bods who went there after they folded. All the best guys and gals. |
Those of us who have been through this before and are going through it again know the score. If it happens, it’ll be well timed and instant. No amount of guessing what has and what hasn’t been ‘impounded’ 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 A380’s heading in the vague direction of the UK helps nobody! |
Originally Posted by CW247
(Post 10575212)
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.
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Originally Posted by CW247
(Post 10575212)
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 ..... |
Originally Posted by Doc Q
(Post 10575217)
Reality is TC flights are operating perfectly normally with no dramas taking place ,aircraft being impounded or service providers demanding cash ..... |
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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Originally Posted by CW247
(Post 10575197)
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.
what does the govt save next? get the Vulcan going again? Concorde? what about reintroducing steam trains? they’ll be hell to pay if every business sailing close to the wind, got a bailout because it’s nice to be nice. it can’t keep bailing out things just Cos it’ll be a shame. a shame is when kids are dying in our hospitals because there’s not enough nurses. it’s a shame there’s not enough police and ambulance staff. I hope they survive, and I’m the first to admit I don’t fully understand the circs, but I do fear for their future sadly |
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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Originally Posted by CW247
(Post 10575197)
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.
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Originally Posted by toledoashley
(Post 10575265)
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.
I have heard whispers they are going to go into Administration tonight. I really hope they can be saved though. |
Originally Posted by JonnyH
(Post 10575269)
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. |
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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Originally Posted by toledoashley
(Post 10575277)
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 |
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. |
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. |
Originally Posted by JonnyH
(Post 10575269)
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. David |
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. |
Originally Posted by compton3bravo
(Post 10575236)
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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Originally Posted by Doc Q
(Post 10575196)
Ive heard there is a chinese billionaire who is considering injecting a lot of cash into the company There is no difference. |
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