- - Thomas Cook Gone
(https://www.pprune.org/rumours-news/625730-thomas-cook-gone.html)
WHBM
30th Oct 2019 17:37
Originally Posted by Litebulbs
(Post 10606547)
But that part of the still vertically integrated business, always delivered a healthy profit
Bit of a myth. The published profit for the Scandinavian operation is only because the amount Thomas Cook borrowed to acquire Tjaereborg, Spies, Vingresor, etc (all the onetime big Scandinavian names) was borrowed in London and booked against the Group. It has been the failure to repay these loans and/or their associated interest that has knocked down the UK-based Group and the associated UK travel operations. The trading results of the UK and the Scandinavian actual operations were pretty similar. It's been a real accounting massaging of the figures.
Litebulbs
30th Oct 2019 19:17
I'm not questioning anything you say WHBM. When were these purchases made?
Litebulbs
30th Oct 2019 19:19
Ah, the £964m inherited debt from the TCX/MYT merger?
WHBM
31st Oct 2019 00:51
Originally Posted by Litebulbs
(Post 10606840)
Ah, the £964m inherited debt from the TCX/MYT merger?
Yes, the bulk of MYT being the Scandinavian operators. Merged in 2007 I think.
