Thomas Cook / City Bird

[flugpants]

Seems that TC and City Bird just had a big falling out! TC tried to replace their flying with other carriers as worried about CTB goings on.......CTB freaked - the courts supported them, so all alternative flights were canned and CTB allowed to operate them!

Seems a bit gung-ho of TC to pull that one as the court ruling on CTB future has not been decided yet....possibly today! :rolleyes: :eek: :confused:

[The Guvnor]

From today's ATWOnline:

At City Bird Holding's general meeting yesterday, shareholders voted in favor of a takeover of the airline by German tourism group Thomas Cook AG. Earlier this week Thomas Cook had let it be known that it no longer was interested in acquiring the financially troubled charter airline given the difficult trading circumstances following the Sept. 11 events in the US. However, a Brussels court decided the German group had to pursue its commitment as negotiations were already in a final stage. Shareholders accepted to waive the eur9.9 million purchase price in a last effort to accomplish the recovery plan, which is being organized under a court-supervised creditor protection scheme, and as such save the airline from bankruptcy. In return, Thomas Cook committed Bef1.15 billion of financial means to ensure City Bird's continuity.

[CIV5C]

Shareholders have now accepted new recovery plan. CTB's debts to Boeing now reduced to approximately 3.5 billion BEF. But TC still not willing to buy CTB.
What a nice sight yesterday and the day before at BRU: plenty of aircraft waiting to operate CTB's flights hoping that CTB would have been declared bankrupt! All were ferried back to home bases! The b*****s from TC had brought in a/c from Islandsflug, Pegasus, VEX and maybe a few more... They actually managed to have one flight operated by Pegasus: all pax had been warned by TC about a two hour early departure and flight was operated with different callsign. CTB staff only found out when no one showed up for check-in for that flight. Mind that TC might not have bought CTB but they still have a legally binding contract with CTB! Looks like a very interesting case for the courts.
Despite some positive notes and good mood between staff, everybody still preparing for bankrupcy on Monday. Very sad indeed...