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Agree Pokerchips all involved are best off out of this basket case and useless BOD, look forwards to see what action UK Gov take, questions due in Parliament today (am sure clueless MP's will be asking why more money wasn't added to the bonfire PF was building)
So ANEX Tour DID make an offer for the whole company. Ironically Fosun blocked it. Unbelievable.
"So much for UK government blaming EU rules stopping them from helping support TCG. Gutted for TCG's UK Staff."
illbetabuck,
The papers, filed by former chief executive, Peter Fankhauser, also show that its balance sheet had a deficit of £3.1bn, including guarantees to the Civil Aviation Authority
Helping support TCG ? ... and you talked earlier about being naive
TCG was a Zombie Company and throwing taxpayer money at it would have been wrong
I am pretty sure that RyanAir will start offering some of those flights and have a means to book the same holidays through them ..they will take up some of the lost business ...as will others ....some staff will work elsewhere in the sector and have a far more secure future than with a company with a £3 billion deficit
If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss[es];
If you can force your heart and nerve and sinew
To serve your [or our] turn long after they are gone,
And so hold on [to it] when there is nothing in you
Except the Will which says to them: 'Hold on!'
If you can talk with crowds and keep your virtue,
' Or walk with Kings - nor lose the common touch,
if neither foes nor loving friends can hurt you,
If all men count [on you,] with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!
Longish, ‘its unlikely that they will get it later unfortunately, it looks like they are going to have to take a 10% haircut on their benefits. This will be down to an assessment of having to pay the final salary benefits for such a large group of people for quite a while. Whilst that will be disappointing for the beneficiaries, if you compare it to some other companies that went into administration where they had raided the pension fund over the years and beneficiaries were left with almost nothing, it could have been a lot worse.
According to BBC, the pension scheme is in surplus but those coming up to retirement will only be guarenteed 90%. Have they lost 10% or get it later when the dust settles?
also there is still the intangibles which of course are now worth zilch , thats another £3billion i think even after the write down
outrage , hopefully the useless audit prfoession will get another bashing
for sure the greatest robbery in UK history ….
Balance Sheet Defecit as reported in Times this AM. That’s a staggering number.
makes sense though as the current debt number is before they pay all their suppliers who clearly they haven't yet as the hotels are chucking customers out or making them pay again, am convinced that the money they were begging UK Gov for was just to pay wages and any payments due this money, hence this would continue every week going forward
seac what does that mean ? are they online?
the guy does not understand money
PF signed off court papers final debt standing of £3.1 billion. Jeez...
I made a bet with a friend that BREXIT? On this board traders talk the
market up and down . I am not a trader. My Brexit Bet has nothing to do
with money. If I win I shall enjoy a trip paid for by the loser.
Staff will move on and find another job but INVESTORS lost
their investment while short sellers made fat profits. That is the
game on AIM and now on the main Market . The chap in charge of TCG
is not impressive and one wonders why and how he got the JOB.
Meditation and keep fit must have been his priority and that is not enough
to run a complex organization like TCG.
Experts estimate probable transfer Belgian branch high in
the cloth has not yet fallen on Thomas Cook Belgium. By asking for protection against its creditors, the company buys time to find a buyer. The first contacts have been made and there would have been interested parties. Not surprisingly, experts say. "Remove the British mother hen and profitable Belgian company remains."
Germany gave Air Berlin similar thing it lasted a few more months
No taxpayer money for this basket case
So the Germany will bail out Condor but UK Govt refuses
https://www.ft.com/content/8bddf144-deff-11e9-b112-9624ec9edc59?
I am sorry you feel that way but I know of some investors
who were misled, lost, started drinking, divorce and ended up
homeless. Most FAT CAT Gamblers live in luxury. TCG gave them an opportunity.
Easy money if you have insider information. Far too many companies go down the
drain on AIM and now on the main market. Good Night.
Gutted but not surprising. Too many speculators made far too much money when
TCG collapsed. Short Sellers are in charge as soon as they spot a weakness
in an organization. The Guy in charge of TCG was too greedy and not smart enough to run TCG
An impossible situation. Investment should be taken seriously.
Germans invest and do not treat the market like a CASINO. Brits do and get away with it.
Germany to offer 380 mln euro bridging loan to Condor - Reuters
24-SEP-2019 19:31:55
BERLIN, Sept 24 (Reuters) - Germany has decided to guarantee a bridging loan of 380 million euros to Condor, the German airline owned by insolvent British travel operator Thomas Cook, Economy Minister Peter Altmaier said on Tuesday.
"Condor is a profitable company and therefore our decision was based on economic factors, not on political criteria," said Altmaier, adding the decision meant that many of the roughly 5,000 workers would be able to keep their jobs.
Altmaier added that the state of Hesse, where Condor is based, would participate in the financial aid, as previously reported by Reuters. (Full Story)
(Reporting by Madeline Chambers
Editing by Chris Reese)
In and out ,round and round.
For some in the know it seems to be sound.
They have the best of everything
They really don't know anything
They move the market up and down
Someone in charge is just a Clown.
... and Metro is down almost 30% today at the time of writing. JT Macs working his magic again.
JT Macs should set up a stock advice service - whatever he buys, short it.
Thomas Cook was in the FTSE 100 not so long ago.