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daughter due her monthly pay on 27th sept... 2 wks in arrears so 6wks pay lost..... hope ceo sleeps tonight
i for one am glad that taxpayers money is not been used for another pF bonus
Quisty I agree with you and Buck it's clear RBS went after the remaining cash before suppliers or even payrolls get processed!..A simply terrible state of affairs, the original D4E that both stakeholders had agreed to would have been a workable solution saving jobs and keeping the business afloat while it restructured and reduced costs.
This company will never see the light of day again ... ever
cash will be raised - sale of slots, owned aircraft but it will not go anywhere near to covering the outstanding commitments
the staff are not going to be paid next week for September. It is just disgusting
I hope leadsoms report is damning of management,
I was really hoping that you went quiet because you had sold......
.....I now assume you didn't.
I'm very sorry about that, but this was never going to end well for shareholders.
That said, I really thought it would end well for employees, and it is very upsetting that it didn't.
I am still surprised that Fosun didn't do a prepack deal on Sunday, but thinking about it, what use would the tour operater be without the airline (especially over the coming months), and they could not have bought that.
Gutted for the staff, absolutely gutted.
Paul - In some of those years they made very small profits other years big losses , eg £300m £500m. In total it is over £1 billion losses - the cash they need is probably needed now to keep wolves at bay , recently each fortnight they have kept increasing the amount they needed, even over the weekend it went up another £50m, in another 2 weeks they probably would have needed another £250m , it had become clear they had no idea what they were doing , hence RBS UK GOV thought nope
@Quisty...it was not more cash it was a standby by facility in case more cash was required over the winter months than expected...Either way if you check back TCG was profitable and even paying dividends, rather bizarre..The 1.6b debt is not opex spend but a large part was capex spend on Casa class branded upmarket hotels..Debt free a 1.4b loss less 1.1b accounting write off of My Travel, less £154m finance costs means a net loss of £144m in other words a 1.5% cost cutting program would have bought the business back into profit..ergo...RBS liquidation decision was flawed.
No because you got what you paid for. Unlike people who’ve booked holidays and not yet been on them.
Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015. Former chief executive Harriet Green was awarded a share bonus worth £5.6million. Chairman Frank Meysman has been paid £1.6million since 2014
blah blah, yeah RBS biased i mean who in their right mind would refuse to give even more money to a company already at least £1.6 billion that has made about the same value in losses in the past 10 years has a business model suited for 1990 not 2020 and a CEO that shows no signs of recognising the position he is in never mind a way to get out f it.
They are still printing brochures!!!! We have had the internet for 20 plus years,
Paul the repatriation is costing £100m
I stayed off this forum for a little while not because TCG was headed into oblivion but I could see that the D4E agreement between Fosun and the lenders was dragging on for far too long..far far too long...and was suspicious why if both parties had originally agreed there were these last minute hick ups....Then I discovered the lead bank was RBS a 62% Govn owned bank with an appalling track record of treating businesses in distress...As yet no one here has tried to answer the question why RBS suddenly wanted an extra £200m then increased it £250m based on an independent report...at the last minute...and this was only for a facility guarantee not actual cash injection. I suspect RBS simply wanted an excuse to pull the plug because it knew that all the customers receipts were sitting on TCG balance sheet and were due to pay their suppliers in the coming weeks...so RBS liquidated TCG for this cash and no doubt expects further proceeds from the disposal of the remaining business assets...So a £9.5b turnover business is liquidated with 22,000 job losses, 550 shops to close, a fleet of airplanes to sell at basement bargain fire sale prices...Fosun to lose £200m on its JV, and NK out for a £10m hit while the UK tax payer is to cough up £600m to fly back home 180,000 TCG customers...All TCG needed to do would be to cut costs by 1.5% to restore profitability, reduce fixed costs and overheads by closing some shops and focus on both online sales growth and continued investment in its owned up market hotels to claw it's way into profitability once more...It seems to me that RBS has not acted in a sensible responsible manner and I am surprised that the Govn did not try and influence RBS to avoid the tax payer £600m avoidable cost..I honestly believe the RBS has caused a huge reputational damage to it's own brand name and wonder if all the other 15 banks engaged in the syndicate signed up to this liquidation decision or was it made in isolation. The political fall out will likely be significant as TCG had been blaming Brexit as part of its reasons for failure..A bizarre out turn that was completely avoidable especially as both key parties had already made an agreement while one made last minute demands entirely out of the blue.
Noone will be buying much from the carcass of Thomas Cook. There is a reason the 2022 bond is trading at 5 cents on the euro. There is really not much of value there to sell. What is left? A bunch of leases on unprofitable shops, or their leased planes? The few 17 year-old banger planes they own? The slots have some value, which in Gatwick EasyJet will snap up, but in other airports slots are not as in demand. German airline and Nordic tour arm has value, but that isn't relevant to UK market. Yes, EasyJet are launching their holiday arm this summer. BUT: Anyone who thinks a competitor can just start up and take 2.5m package holiday customers in a few years doesnt understand how industry works. Even Easyjet will struggle to scale that quickly, and it will require massive focus, investment and dedication they may not be willing to give. Jet2 have been preparing for this for months, and will move in quickly to pick off the hotels they want, who are desperate and out of pocket, and will ramp up capacity in bases they already have. So Manchester, Birmingham etc. I would be very surprised, and somewhat worried, if they went near Gatwick, but I trust Meeson 100% to know what he is doing. Funny to hear people trying to argue that exit of number 3 player and 10% of total UK holiday capacity from the market will be a bad thing somehow for Jet2.
Thomas Cook shareholder says the company will be sold as a whole, or part by part after its collapse
Thomas Cook will be sold as a whole or in parts after its collapse, the company's second-largest shareholder, Neset Kockar, said on Monday, adding he would see what is offered before deciding whether to buy more assets.
Mr Kockar, who holds an 8% stake in the UK-based travel firm, said it owes "a few hundred million pounds" to Turkish businesses that may not be paid after it is sold.
Kockar is also the chairman of Turkey-based Anex Tour, which caters mainly to tourists from countries such as Russia and Ukraine.
Source Sky News.......
poker you are so spot on there... I do feel anyone who bought sub 15p was looking for a quick few quid.... I feel for long term investors... to be fair media didn't help...…. people just avoided Thomas cook in the high street and online over the last month
The company is already lined up for sale as a whole or in parts depending on the buyers appetite.
The company will be back in business next year ...carved up and with new owners , with a new balance sheet and new investment., banks/bondholders will either own the business or sell it off ....shareholders value written off
Hedge funds may well buy the distressed bonds in order to later sell them, at a profit ....what they usually do
The supply of holiday makers is still there
The supply of hotels is still there
The supply of planes is still there
The supply of trained employees is still there
Speculators including Sona Asset Management and XAIA Investment GmbH stand to earn as much as $250 million from the bankruptcy
thank you illbetabuck… to do good things is natural... to do bad things you have to put your brain in gear and that was what the ceo did...……..
There's always one.......
Does anyone know when the Did Not Happen of the Year Awards are?
Then you have yet another reason to be proud of her.....
Yes, if you have a TC credit card
dan. thank you for that
They have let the staff down big time , lied to , kept in dark etc
i bet BOD are not helping customers out today, they should have gone to an airport