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Thomas Cook Group files for insolvency, ceases trading

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British travel company Thomas Cook Group plc has filed for insolvency in the night from Sunday to Monday. All booked trips, flights and holidays have been cancelled. (www.ifn.news) Mais...

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rapidwolve
rapidwolve 7
179 yr old company and no one stepped up to try and help?? BS companies get bailed out everyday, but it appears no one cared enough for approx. 600,000 customers and 22,000 employees. Then you read this and realize the greed of money is the do all that ends all.

"Not everyone lost out with the collapse of 178-year-old Thomas Cook Group Plc that put 21,000 jobs at risk and left travelers around the world stranded.
Speculators including Sona Asset Management and XAIA Investment GmbH stand to earn as much as $250 million from the bankruptcy.
They invested in derivatives that pay out when a company defaults. The fate of those securities was at the heart of the battle over whether Thomas Cook lived or died." Hope this info gets into the right hands and companies like this, tank.
Jackx9
Don Quixote 1
Well, we all saw what happened to Lehman Brothers, didn't we? Shit happens.
racerxx
racerxx 1
Gotta maximize those hedges
SteveCutchen
Steve Cutchen 1
Peter Fankhauser, the company's chief executive, apologized on Monday, adding that all attempts had been made to avoid liquidation. The operator had been looking for €226 million ($250 million) from investors to save it from insolvency.
"We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook's future," said Fankhauser. "Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.

British Prime Minister Boris Johnson said the UK government should not bail out Thomas Cook, arguing that doing so would create a "moral hazard" because other firms might expect similar treatment in the future.
bidrec
Richard Haas 1
"The hedge funds holding Thomas Cook CDS are threatening to scupper the rescue plan, which is led by China’s Fosun Tourism Group..."

https://www.bloomberg.com/news/articles/2019-09-17/thomas-cook-s-rescue-tests-reputation-of-default-protection
md69
Martin Dennett 1
I wish reports wouldn't say that travellers are "stranded". They're not. The government has put a repatriation program into place to bring those who are on a Thomas Cook holiday, home. If you flew out on the Sunday before they went bust, and you're on a two-week holiday, you'll be flown home on the day you were meant to fly home. You will still have your holiday.
GraemeSmith
Graeme Smith 3
Repatriation is funded by insurance that all operators - including Thomas Cook - are required to pay into to cover such an eventuality.
SteveCutchen
Steve Cutchen 1
Nope. Travellers are responsible for their own insurance. For example, ATOL: "Air Travel Organiser's Licence" -- a UK financial protection scheme that safeguards most air package holidays sold by travel businesses that are based in the UK.

Through Oct 6, repatriation is being handled by the UK Civil Aviation Authority, the UK regulator.

The CAA will arrange return flights for ATOL-protected travelers currently abroad who were planning to fly back to the UK with Thomas Cook.

Travelers returning after October 6 will have to book their own flights back. But, if they are ATOL-protected they will be reimbursed for the cost of the new flight.
nasdisco
Chris B 3
UK bankruptcy system is very different from the US Chapter 11 system. Basically, when a company fails it sinks and disappears.

It had 33 aircraft, 24 newish A321, seven A330-200s which will become available for use as soon as the administrator has their hands on them. Plus two 757-200.

Their You tube channel is still there if you want to look at their aircraft.
sgbelverta
sharon bias 2
If you look at the graph of 12 years of profits and loses, it's always swung back and forth. Then 2019 hit, and it tanked, with huge losses. They just couldn't cut costs fast enough. They're blaming it on self bookings of hotels and airfare, but that's been around for years. Will be interesting to see the final financials as to what really happened.
TorstenHoff
Torsten Hoff 4
Sir Richard Branson lays much of the blame on the devaluation of the British Pound over Brexit fears and economic uncertainty. It has become much more costly for British airlines to buy fuel, and when you're operating with extremely slim margins, it doesn't take much of a devaluation to slip into the red.
misterwallace
mister wallace 3
Not the Brexit monster again!
TorstenHoff
Torsten Hoff 1
https://www.forbes.com/sites/marisagarcia/2019/09/23/virgin-atlantic-steps-in-to-offer-jobs-to-displaced-thomas-cook-employees/#2efc638e391c
Viperguy46
Jesse Carroll 1
OOP's "General"!My bad...
williambaker08
william baker 1
Before anyone else says that Condor isnt flying because Thomas Cook group went bankrupt They are wrong. Condor is still flying to this day and is looking for a loan from a German Bank. Please see the link below.

https://www.flightglobal.com/news/articles/thomas-cooks-condor-still-flying-but-seeks-bridge-l-461014/
spbking
Stuart Fountain -1
Driven to the wall by the Royal Bank of Scotland! The UK Government bailed out RBS to ther tune of $45.5BILLION but wouldn't lend Thomas Cook £200 MILLION which the RBS were demanding as CONTINGENCY> Ashamed of the Government and can't wait for RSBS to go bust!
indy2001
indy2001 2
Perhaps RBS learned that throwing good money after bad is rarely the recipe for success. Why didn't the Bank of England step in and save the day? After all, BoE has much deeper pockets than RBS.
fulmar
Ron Heth -1
get the chip off your shoulder fe RBS Nothing to do with them but with the terrible mismanagement of TC these past few years and the creaming off of millions in directors bonuses !
Writing has been on the wall for years as they begged, borrowed and scraped loans and more loans ..Oh yes the Directors made sure they would be ok knowing what was coming!

[This comment has been downvoted. Show anyway.]

GraemeSmith
Graeme Smith 8
Well the US hasn't done so well either:

Chapter 7

National Florida Airlines December 1, 1983
Excellair July 7, 1984
Oceanaire Lines February 10, 1984
Connectaire October 10, 1984
Princeton Air Link August 11, 1988
Air Kentucky July 19, 1989
Eastern Air Lines January 18, 1991
Northcoast Executive January 29, 1991
Midway Airlines (1976-1991) November 27, 1991
L’Express February 2, 1992
Eastwind Airlines September 30, 1999
Sun Country Airlines January 2, 2002
Midway Airlines (1993-2003) October 30, 2003
Southeast Airlines December 1, 2004
TransMeridian Airlines September 29, 2005
Independence Air January 6, 2009
Big Sky January 7, 2008
Aloha Airlines March 31, 2008
Air Midwest May 14, 2008
Gemini Air Cargo August 12, 2008
Direct Air April 12, 2012
Comair April 4, 2012
Evergreen International Airlines December 31, 2013


Chapter 11 - only 15 came back

American Trans Air (ATA)[April 2, 1980
New York Airways May 18, 1979
Aeroamerica November 19, 1979
Florida Airlines January 24, 1980
Indiana Airlines March 3, 1980
Air Bahia December 15, 1980
Tejas Airlines December 31, 1980
Mountain West Airlines-Idaho March 6, 1981
LANICA March 16, 1981
Coral Air July 13, 1981
Pacific Coast Airlines September 11, 1981
Swift Aire Lines September 18, 1981
Golden Gate Airlines October 9, 1981
Pinehurst Airlines January 26, 1982
Silver State Airlines March 3, 1982
Air Pennsylvania March 26, 1982
Air South April 2, 1982
Cochise Airlines April 16, 1982
Braniff International May 13, 1982
Astec Air East July 8, 1982
Will's Air August 19, 1982
Aero Sun International October 15, 1982
Aero Virgin Islands October 19, 1982
Altair Airlines November 9, 1982
Continental Airlines September 23, 1983
Frontier Airlines August 28, 1986
Eastern Airlines March 9, 1989
Partnair October 1, 1989
Pan American World AirwaysJanuary 8, 1991
America West Airlines June 28, 1991
Sun Country Airlines January, 2002
National Airlines 06-Dec-00
Trans World Airlines January 10, 2001
US Airways August 11, 2002
United Airlines December 9, 2002
Air Canada April 1, 2003
Flash Airlines March 1, 2004
US Airways September 12, 2004
Avianca 10-Dec-04
Aloha Airlines December 30, 2004
Northwest Airlines September 14, 2005
Delta Air Lines September 14, 2005
Maxjet Airways December 26, 2007
Aloha Airlines March 31, 2008
ATA Airlines April 3, 2008
Skybus Airlines April 5, 2008
Frontier Airlines April 10, 2008
Eos Airlines August 26, 2008
Sun Country Airlines October 6, 2008
Primaris Airlines October 15, 2008
Mesa Airlines January 5, 2010
Arrow Air July 1, 2010
Mexicana August 28, 2010
American Airlines November 29, 2011
Ryan International Airlines 06-Mar-12
Pinnacle Airlines 2012-04-02April 2, 2012
Southern Air 28-Sep-12
SeaPort Airlines 05-Feb-16
Republic Airways Holding 25-Feb-16
PenAir 07-Aug-17
Dynamic International Airways 19-Jul-17
Island Air (Hawaii) 16-Oct-17
imtxsmoke
Jeffrey Bue 1
Nice “copy & paste” 😆
Viperguy46
Jesse Carroll 1
Don't see Genral Motors" in there! Oop's they don't like Trump, do they? Don't they have plans for Aircars?...Just joking dudes!
Viperguy46
Jesse Carroll 1
OOP'S...General Motors....My bad!
bidrec
Richard Haas 1
Another copy and paste, " The General Motors plant was in North Tarrytown, now Sleepy Hollow, but was often listed as the G.M. Assembly Division, Tarrytown, New York. During World War II the assembly plant was retooled to make wings for grumman torpedo bombers and was named Eastern Aircraft employing 10,000 workers, 2,900 of the workers were women."
silvanocerboneschi
mybe too old withot renovations-hope solve for 22000 employi

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