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you win some, you lose some...this stock market lark can be really nasty.
3. What can we do?
I can’t sit here and guarantee success.
I can confirm that all is being done to seek that.
So, what we can do to give the best chance of success in this is still keep delivering a safe flying programme.
Can we also be conscious of social media please, the press team have flagged that comments by us are likely to find their way to publication at the most critical time.
I hope this note helps us all in having a continuing common knowledge of the issues people are raising with me. If there’s anything bothering you personally that you’d like to discuss, or something I haven’t covered which you think other colleagues are concerned about, then please get in contact with me.
Please keep doing what you do, leading.
2. Can we talk about some specific exposures in the event that the recapitalisation, or any other option, was unsuccessful?
Before I start this, I need to say that there is huge focus and effort going into ensuring the recapitalisation is successful and that we can get on with building the airline we all want to see.
However, you have questions and I have a responsibility to answer them to the best of my ability, so that you can lead our crew in continuing to deliver the safe operation for our customers that is essential to that future.
2.1 What’s my personal liability for the Company Credit card as a Captain or First Officer?
We’ve confirmed with our finance team that there is not a personal liability on you for charges reasonably incurred on Company credit cards.
2.2 Who’s responsible for hotel accommodation charges
The Company is.
2.3 In a scenario in which operations had ceased, however unlikely, how do I get home if I’m down route?
The Company has the duty of care to make arrangements to get you home.
In the past hour I’ve also confirmed that there is a firm, and independently guaranteed, commitment in place to cover these costs in any scenario that could arise.
Having had quite a few conversations in the last couple of days, and in particular this afternoon, there are two main areas of discussion I’ll seek to answer here.
The first is what’s going on with the recapitalisation deal.
The second is a number of questions about the specifics affecting pilots and crew in the scenario that the recapitalisation was unsuccessful.
1. Is the recapitalisation deal still in progress?
Work to seek successful completion of the recapitalisation continues.
You’ll recall from Sunday’s update that one of the issues, as reported widely in the press, was the Hedge Fund interest in a payout from a contract they had taken in the credit default swap market. This was set to pay out to them in the event Thomas Cook couldn’t pay it’s debt. This led to them seeking to block the recapitalisation because they believed that it’s successful completion would prevent payout.
The business has now filed for Chapter 15 Bankruptcy Protection in the USA. The Credit Derivatives Determinations Committee, which rules on whether a payout should be made for such a product in a specific set of circumstances, met today to review whether the US Chapter 15 filing meets the requirement for payout. It was reported that an agreement to do so would help facilitate completion of the recapitalisation.
A decision was deferred until 1100 on Monday 23rd. Following this there has been a flurry of press activity and stories published today.
All options are being pursued for a successful outcome for the business and it’s people.
I myself gave this share the Metamorphosis84 kiss of death back at the start of June, if you go back enough through thousands of posts it is still there to be seen.
Have only given my kiss of death to two other shares, IRV and DEB. Both gone now.
3 out of 3 success rate now, same thing every time.
The only surprise for me in this case is that it has taken as long as it has.
Meta very true. It's now to late to warn investors. Many good posters warned about the issues of tcg
289.73k
some one is risking a lot?? or have I missed something?
So very sad to see Thomas Cook in this awful situation and while I think this BOD was not any help and made many mistakes I do think Manny Fontenla-Novoa has an awful lot to answer for, his take overs for My travel and so badly Co-op travel, at a time when others were downsizing, Co -op travel losing money, also duplicated the stores in many locations. Manny also loved to party, the staff had amazing partys, at Xmas there were long weekends in the sun, all inclusive+++ entertainment was the best, the Co Op management staff even were invited before the deal was agreed, money certainly not a problem,his earnings 2m ++ shares were £2.39 more than now :(( Manny I hope the guilt stays with you, a great company ruined by your greed and wanting to be bigger than tui,
Got out of this share 2 months ago. Lost £30k but could have been a lot more if I’d of stayed! Can’t believe so called executives/board of talent have allowed this to get in such a state. Insolvent know by the looks of it. Gla
Mate, shareholders here loose whatever the outcome. But don’t be too despondent as the message was delivered by the pair of smiling assassins telling you what a brilliant job they are doing, indeed they were almost laughing when they said shareholders would be wiped out. Personally I will never book a holiday with TCG if by some miracle they do survive.
Absolute dumbos anyone who hasn't sold yet.
News outlets reporting that the greatest peacetime repatriation of Brits could take place if something isn't done within a matter of days.
The board told you a few months ago that any deal would result in dilution to existing shareholders.
The likes of Matlot have been warning you for weeks yet there are still folks umming and arghing about whether to sell or not.
Seriously, the mind boggles. You might as well invest in a box of matches, take your cash out of an ATM, and set fire to it. You would have as good a chance of getting a return on your investment.
I'd be tempted to count the losses but that just my opinion, I cant see things getting any better here. Give it 10 years and there won't be any companies like this left. Who books holidays with a travel company these days
Sat with my finger on the Sell button..... Sat on 11k a month ago, 3k now..... damage limitation I guess.
Do I don't I?
Davde, never a truer word. In all my years of investing, I have never seen such a can of worms being puppeteer by invisible forces. What chance does the PI have in making an informed view.
Who are the banks expecting to underwrite the £200m? If TCG sell assets i.e. Nordic would they not be impacting terms of rescue deal which banks are participating in anyway. Or are they trying to squeeze Fosun? Its all getting very messy!
“If the travel group cannot get the extra £200 million underwritten, it risks going bust, forcing the Civil Aviation Authority, a public corporation of the Department for Transport, to pick up the estimated £600 million cost of repatriating British holidaymakers.”
As always we tax payers end up paying the price!!
I wonder what will the official answer be if one day I decide to walk into the department of transport and request £10K only!!!
1. F*uck off
2. Do one
3. Are you insane
Hi Chaps, i've been a bystander on this site for a few years and value the opinions thrown about.
Is there any way there can be light at the end of the tunnel for shareholders?
If TCG go bump ....we lose....
According to Sky News, a takeover by Fosun would see the shares wiped out.... we lose....
Unbelievable, they originally rejected offers for parts of the airline as they were not in line with expectations due it being considered a distressed sale. Well this really is a distressed sale and unlikely to generate the required value. what an incompetent bod that have reduced this company to nothing... Disgusting. PF is responsible for the demise of the company, but I really cant understand why he wasn't removed back in may with the potential for a new interim CEO to commence turnaround and instil confidence.. what a waste of a once great company
Thanks HK
HK, as myself and a number of posters on this Bb have said before, this BOD are so out of their depth, but you can bet your house that they will all walk into another high profile role somewhere. We just seem to reward failure in this country with our regulators who seem inept at putting these people to the sword
@Saj
https://www.thetimes.co.uk/article/thomas-cook-rescue-hit-by-bank-demand-for-extra-capital-h52f0983n
@JT
It’s got nothing to do with posters or shorters.
It’s purely the BOD mismanagement, even when it comes to rescue strategies they really suck. They put the assets sale on hold while they were 1000% depending on the rescue deal.
It’s basic common sense to always have an alternative strategy in case one doesn’t work
Huge buy after hours, does somebody know something.......
Could worth a punt to make a quick buck......
Hk, can’t see the article in the Times online which was updated 5 mins ago. Could you post a link please
@HK
Cheers.
Very complex - certainly a money blackhole.
The repercussions with Admin - all those jobs - UK economy and a giant loss.
Posters on here rejoice ?
How very strange this shorters world.
Sorry for investors losses.