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. |
Direct to liquidation
Thomas Cook Group PLC Compulsory liquidation of Thomas Cook Group plc 23/09/2019 7:01am UK Regulatory (RNS & others) |
Thanks Joe.
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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 . |
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:
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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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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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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. |
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. |
Originally Posted by Mike Flynn
(Post 10576885)
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. 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. |
Originally Posted by fantom
(Post 10577405)
Anyway, how is it the Germans are still flying and we are not ?
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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. https://www.pprune.org/images/status...ser_online.gif https://www.pprune.org/images/buttons/report.gif |
Originally Posted by SMT Member
(Post 10577881)
For the same reason the Nordic arm of TC is back up and flying: They're running a profitable shop, TCUK was not.
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. |
Originally Posted by SMT Member
(Post 10577881)
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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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. |
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. |
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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Originally Posted by ASRAAMTOO
(Post 10577256)
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!
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. |
Reports that 40 aircraft will be chartered. Is this a hard task? What is the availability of commercial passenger aircraft and crew ? mjb |
Originally Posted by mickjoebill
(Post 10578153)
Reports that 40 aircraft will be chartered. Is this a hard task? What is the availability of commercial passenger aircraft and crew ? |
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