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Thomas Cook Gone

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Thomas Cook Gone

Old 23rd Sep 2019, 17:23
  #61 (permalink)  

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Do the Condor aircraft run the risk of being impounded away from base for Thomas Cook Group non-payment of airport/fuel charges, etc? They operate to many similar destinations as TCUK did, such as CUN, MCO and the like.

And is the Premiair fleet still operating? If so, same question applies.
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Old 23rd Sep 2019, 17:26
  #62 (permalink)  
 
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Direct to liquidation
Thomas Cook Group PLC Compulsory liquidation of Thomas Cook Group plc 23/09/2019 7:01am UK Regulatory (RNS & others)
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Old 23rd Sep 2019, 17:26
  #63 (permalink)  
 
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Thanks Joe.
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Old 23rd Sep 2019, 17:40
  #64 (permalink)  
 
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Condor is still flying because they still got money. Managers could see this coming and didn't send as much money of their profit( 43.000.000€) 2018 to Thomas Cook as they years 16 17 etc.... So they have cash on their bankaccount because the CEOs first have to save their own company, then their holding.
So Condor is not bankrupt yet. They are still flying scheduled flights (NOT RESCUE FLIGHTS!).
They applied for a government loan and hope to get it so they can sell Condor and make some money or find a solution outside of Thomas Cook .
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Old 23rd Sep 2019, 17:43
  #65 (permalink)  
 
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The German operation is in a different company (different legal entity), that is not yet bankrupt. They could in theory operate for years and years to come, as long as they have sufficient funds and income to pay their bills.
There are two options for the administrators of Thomas Cook UK wrt. each foreign subsidiary:
  1. keep it running and try to sell the subsidiary to an interested party
  2. shut it down and liquidate it to stop the losses
Option 1 could bring in significant money, if the subsidiary is profitable.
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Old 23rd Sep 2019, 20:49
  #66 (permalink)  
 
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Swedish travel group Ving, member of the Thomas Cook group, reports that Thomas Cook Scandinavia will resume flights Tuesday at least in Sweden.
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Old 24th Sep 2019, 00:50
  #67 (permalink)  
 
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Gulf Air in Bahrain is actively recruiting 320 Capts..the roster is no picnic, but a reasonably comfortable family life can be had and the aircraft are mostly new...
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Old 24th Sep 2019, 02:33
  #68 (permalink)  
 
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Everyone affected by TC needs to calm down a little bit - clearly they're not as hard done by as this poor person... What on earth will she do with her 45k followers now???

https://www.news.com.au/travel/trave...effd2aaf510ba1

Oh the injustice.
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Old 24th Sep 2019, 04:45
  #69 (permalink)  
 
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Thomas Cook in its current form was always going to be a challenge to turn around. Vertical integration and size were match winners at the end of the last century. Clearly times move on and the long running structural and financial troubles resulting in unsustainable levels of debt have led to the current situation. Brexit uncertainty has also played a role. Whether this is the first big casualty I am not sure. But the current UK government is quick to attack management. I suspect they are very keen to move the dialogue away from why exactly foreign investors have been hesitant to invest what seem relatively small sums to save the company.
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Old 24th Sep 2019, 05:14
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Originally Posted by Mike Flynn
The days of package tour operators and travel agents are numbered.

It’s a lot cheaper for most people to book their flights and hotels online.
But travel agents are online, just goggle for the Wiki page of 'Expedia Group' just to realise how terribly they are doing, they are doing so terribly that in two recent hotel bookings Expedia gave me 11% cashback whilst ebookers gave me 12% cashback.

Two local airlines to me are Air Asia Zest and Philippine Airlines, it is regularly cheaper for me to book flights thru travel agent 'trip dot com' that it is to book with these airlines directly.
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Old 24th Sep 2019, 05:50
  #71 (permalink)  
 
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Originally Posted by fantom
Anyway, how is it the Germans are still flying and we are not ?
For the same reason the Nordic arm of TC is back up and flying: They're running a profitable shop, TCUK was not.
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Old 24th Sep 2019, 07:53
  #72 (permalink)  
 
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Roadshow info

Hi TCX guys and gals.
I cannot access your closed forum, however, here are the details of an EK (Emirates) Roadshow being held in Manchester on Weds this week.

Manchester: Radisson Blu Hotel Manchester Airport, Chicago Ave, Manchester M90 3RA, UK



25th September2019

10:00am

14:00pm



26th September 2019

10:00am

Best of luck to you all at this ****ty time.

Alwayz

PS there will be a LGW Roadshow next month too.
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Old 24th Sep 2019, 08:28
  #73 (permalink)  
 
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Originally Posted by SMT Member
For the same reason the Nordic arm of TC is back up and flying: They're running a profitable shop, TCUK was not.
Actually the day-to-day operational side of all the parts were similarly OK. The issue is where the huge unrepayable loans were. These all appear to have been with the UK company, despite that part of the big borrowing stemmed from money to buy the German and Scandinavian operations. Of course, they had done the same to buy UK companies as well.

It's actually not possible to lose the sums being bandied around here on your daily operations. It comes from big loans to buy out other companies, and being unable to pay them back. There's been a lot of inter-group trading and exchange of cash (or not), it seems that the German and Scandinavian operations have not been remitting their cash back to the UK parent (part of the investigation of the directors' actions will focus on this), could be for a number of reasons, even a hope to sell them off as going concerns (which may still happen) but this has allowed them to remain legally solvent and continue trading, although surely their bookings must be taking a hit.
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Old 24th Sep 2019, 08:30
  #74 (permalink)  
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Originally Posted by SMT Member
For the same reason the Nordic arm of TC is back up and flying: They're running a profitable shop, TCUK was not.
If they are profitable, why are they asking for 200 million from the government?
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Old 24th Sep 2019, 08:57
  #75 (permalink)  


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Was watching this morning where TC Capt was being interviewed. Very sad for all but especially the crew stuck downroute with no ATOL protection. Would appear to essentially have been left on their own. All company communication ceased and he mentioned a well know UK carrier (BA?) wanting to charge 10k for each of 4 seats left back to the UK. Shocking. Eventually Virgin stepped up.
Feel gutted for everyone.
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Old 24th Sep 2019, 09:59
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Greek god, Virgin stepped up from the get go! Immediately! I think it’s absolutely shameful what BA are doing!

My condolences for everyone at Thomas cook, it was a great place to work I hope you guys find work very very soon.
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Old 24th Sep 2019, 10:25
  #77 (permalink)  
 
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Hi everyone ...can you help me regarding an issue ...i have booked holiday for 2020 June with Thomas Cook all package ATOL protected. I have direct debits with them of 150 pounds per month.If i cancel the direct debit will my ATOL protected be affected ? Am i the one breaking the contract ?? I already paied 700 pounds that i want back with ATOL later on.Can they refuse to give them back if i cancel the direct debit?? Please help as i don't want to pay anymore for a cancelled holiday .Thank you all
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Old 24th Sep 2019, 10:52
  #78 (permalink)  
 
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Originally Posted by ASRAAMTOO
It WOULD however be sensible to put in enough money to allow its fleet to operate whilst holiday makers and ticket holders are repatriated. It would be cheaper and easier than chartering every spare jet in Europe!
Not as a taxpayer it isn't.

The costs of rescuing the poor individuals is borne by insurers and the like. If the government rescues them, then the taxpayer is on the hook.

Remember all the fuss about bailing out the banks (private profits, socialise the losses) ? In this case, the private sector carries 100% of the can as it should be.

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Old 24th Sep 2019, 11:05
  #79 (permalink)  
 
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Reports that 40 aircraft will be chartered. Is this a hard task? What is the availability of commercial passenger aircraft and crew ?

mjb

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Old 24th Sep 2019, 11:20
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Originally Posted by mickjoebill
Reports that 40 aircraft will be chartered. Is this a hard task? What is the availability of commercial passenger aircraft and crew ?
Plenty of capacity available at the moment, it might be an issue during peak season but September/October is always a quiet time.


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