Thomas Cook Gone
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Yes I believe so, I was given the figure 68 million. And former boss Christoph Debus slipped into a newly invented post at Condor on the final day adding an extra level of management. So all the airlines which until Monday belonged to Thomas Cook, are still flying, crews fully paid :sole exemption TC UK
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Yes I believe so, I was given the figure 68 million. And former boss Christoph Debus slipped into a newly invented post at Condor on the final day adding an extra level of management. So all the airlines which until Monday belonged to Thomas Cook, are still flying, crews fully paid :sole exemption TC UK
I Have Control
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Profits from late 2018 onwards from the German and ~Scandinavian affiliates were never repatriated to TCG. Their books were kept artificially positive as part of the plan to hive off these "companies" on the open market. They ended up cash-rich. No such luck for Thomas Cook UK, although their senior management took very good care of themselves. By coincidence they are German and Swiss-German people, who still find themselves in highly-paid employment in Germany.
The clever liquidators have dismissed the aircraft engineers, thereby preventing routine time-dependent maintenance and upkeep on the aircraft now impounded. They will not be legal to be flown back to the leasing companies, thereby further inflating the debt due to parking charges and ultimately heavy maintenance. Debus and co didn't bother to look after this detail, nor after the well-being of the dismissed employees.
The leasing companies want their aircraft returned to them in the condition in which they were supplied to TCX UK. This apparently will require something of the order of 40 engine changes. Unbelievable.
And as for Condor, they are opening up new routes from the UK to former TCX UK destinations. Tickets are already on public sale. Problems may be anticipated as they attempt to operate said flights out of the UK.
Brexit has nothing whatever to do with this shambles. Blame avaricious management, some of whom may ultimately face criminal charges in the UK courts. In fact, if one looks at how disgracefully the German and Scandinavians have acted, one could argue that this is an example of why the UK is better out of Europe. (not my personal view, btw)
The clever liquidators have dismissed the aircraft engineers, thereby preventing routine time-dependent maintenance and upkeep on the aircraft now impounded. They will not be legal to be flown back to the leasing companies, thereby further inflating the debt due to parking charges and ultimately heavy maintenance. Debus and co didn't bother to look after this detail, nor after the well-being of the dismissed employees.
The leasing companies want their aircraft returned to them in the condition in which they were supplied to TCX UK. This apparently will require something of the order of 40 engine changes. Unbelievable.
And as for Condor, they are opening up new routes from the UK to former TCX UK destinations. Tickets are already on public sale. Problems may be anticipated as they attempt to operate said flights out of the UK.
Brexit has nothing whatever to do with this shambles. Blame avaricious management, some of whom may ultimately face criminal charges in the UK courts. In fact, if one looks at how disgracefully the German and Scandinavians have acted, one could argue that this is an example of why the UK is better out of Europe. (not my personal view, btw)
Nemo Me Impune Lacessit
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I don't think that's the case at all. Not up with UK Administration Law but here in the colonies that would not be an option - and in any case it seems dubious the administrator would agree to continue trading. It's on them, and their insurers, to underwrite any further losses, which seem very likely, so, no, sorry.
short flights long nights
The leasing companies want their aircraft returned to them in the condition in which they were supplied to TCX UK. This apparently will require something of the order of 40 engine changes. Unbelievable.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
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The leasing companies want their aircraft returned to them in the condition in which they were supplied to TCX UK. This apparently will require something of the order of 40 engine changes. Unbelievable.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
Have seen plenty of airframe lease contracts complete with engines, and also ones without. In any case, return conditions are carefully specified and usually must be as or better than delivery condition. With on-condition engines that can be a tricky affair.
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The leasing companies want their aircraft returned to them in the condition in which they were supplied to TCX UK. This apparently will require something of the order of 40 engine changes. Unbelievable.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
In my past life as a pilot, I have been through returning aircraft back to a leasing company. And the paper trail is huge. And the above poster is correct .. they MUST be returned as they were delivered.. and as I said.. the paper work must confirm it all.
The aircraft are being re-possessed by Lessors, and any claims they may have will be subject to the usual process of Administration and they will receive practically nothing.
However the Lessors will have amassed Maintenance Reserves (Normal Ongoing Lease Contract contributions to future Maintenance costs at lease termination) so they will not be overly exposed financially
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The on wing engines will be in a condition that (subject to ongoing maintenance) will allow them to continue in service. The Lease Return Conditions that "Require 40 Engine Changes" are purely to meet Lease Return Conditions (LLP Stack Remaining Life, and Workshop TBO)
The aircraft are being re-possessed by Lessors, and any claims they may have will be subject to the usual process of Administration and they will receive practically nothing.
However the Lessors will have amassed Maintenance Reserves (Normal Ongoing Lease Contract contributions to future Maintenance costs at lease termination) so they will not be overly exposed financially
The aircraft are being re-possessed by Lessors, and any claims they may have will be subject to the usual process of Administration and they will receive practically nothing.
However the Lessors will have amassed Maintenance Reserves (Normal Ongoing Lease Contract contributions to future Maintenance costs at lease termination) so they will not be overly exposed financially
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Not in Thomas Cook case - they did not paid cash reserves, so Lessors are heavily exposed on engines.
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I'm very surprised the administrator's of TCG cannot take legal action to recoup the unpaid debt from those subsidiaries which are still trading.
They are duty bound to obtain as much as possible for creditors. While Limited company status can attempt to ring fence exposure to claims, TCG was the parent company. Something very underhand if siphoning off money from one company into another is allowed only for 3 companies to continue trading while the debt is left with the collapsed company.
There would appear to be sufficient evidence of malpractice by the current and previous director's to warrant criminal proceedings.
And even investigation of the auditor since there must come a point at which the level of debt becomes unsustainable and a risk to the travelling consumer.
They are duty bound to obtain as much as possible for creditors. While Limited company status can attempt to ring fence exposure to claims, TCG was the parent company. Something very underhand if siphoning off money from one company into another is allowed only for 3 companies to continue trading while the debt is left with the collapsed company.
There would appear to be sufficient evidence of malpractice by the current and previous director's to warrant criminal proceedings.
And even investigation of the auditor since there must come a point at which the level of debt becomes unsustainable and a risk to the travelling consumer.
Jet2 are trying to cash in. Tried to book flights back from Lanzarote for next Jan as we were booked with TCX. Got all the details in and told price was circa £4700 (8 people). Went to the pay now page and they stated price had risen to £7600 due to demand. I can see many people will panic and just pay it. Fortunately TUI offered much fairer price
Would be interesting to see what J2 would have quoted if you'd left it for a day or two.
Perhaps it is worth re-reading the post you quote from and considering how many and which elements of the company kept operating and how they became cash healthy.