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Under the plans being discussed with Thomas Cook's banks, much of the company's £1.4bn debt will be written off and converted into shares, with new investment going into both the tour operator and airline.
It's pretty clear that TCG needs to reorganise its business in light of this - *** Current trading and outlook The Summer 2019 programme is 75% sold, slightly ahead of the same period last year. Group Tour Operator bookings are down 9%, largely consistent with reductions in risk capacity to help support pricing, which is up 2%. While bookings in recent weeks have seen a marked improvement, reflecting the annualisation of the Summer 2018 heatwave, margins remain weak due to continued intense competition with high levels of promotional activity across all businesses. Group Airline bookings are down 3% overall, with pricing up 2%. Excluding capacity reductions to the in-house tour operator, Group Airline bookings are up 11% reflecting higher sales to third-party tour operators, particularly in Germany, and seat only in all markets. Looking forward, it is clear that the trends experienced in the first half of the year have continued into the second half, reflecting an uncertain consumer environment particularly in the UK, leading to intense competition. As a result, the Group expects underlying EBIT in the second half to be behind the same period last year. The Group is helping to mitigate these challenges with a rigorous focus on cost, while remaining fully focused on delivering a stronger holiday offering to customers through high quality, higher-margin hotels, underpinned by a digital focus and market-leading innovation.
I take no pleasure in this but I did warn everyone weeks ago about D4E and a lot shot me down. It was plain to see from the accounts what would happen. My situation concerning my cancer is more worrying now so I will not be posting as much. Take care all and for future info try reading a bit more into companies like this and not gamble on a wing (pardon the pun!) and a prayer.
£750 million injection, the rest of the debt will remain debt? *** The recapitalisation proposal will require a reorganisation of the ownership of the Tour Operator and Airline businesses which is expected to result in Fosun owning a significant controlling stake in the Group Tour Operator and a significant minority interest in the Group Airline. The proposal envisages that a significant amount of the Group's external bank and bond debt will be converted into equity, to be agreed following discussions with financial creditors. The Group's core lending banks are supportive of a recapitalisation and are engaged in constructive discussions with the Group to agree terms. The proposed recapitalisation will not impact trade creditors.
Existing shareholders will be significantly diluted as part of the recapitalisation. However, shareholders may be given the opportunity to participate in the recapitalisation by way of investment alongside Fosun and converting financial creditors on terms to be agreed.
It’s not what it is worth, it is how many shares will then be in issue diluting your holding out of existence. Might be time to sell though. Hasn’t be suspended. Not that I hold. Just watching the story.
Debt for equity swap by Fosun for 750 million, TCG retain some of the airline - assets but the question is, at what price will the debt for equity be? It’s clear that it won’t be for the £2, £1 or even 50p that has been suggested on here but I can’t believe it will be for the current 13p either. So... with Fosun saved, shorts should close, but what will the offer be if TCG state the offers did not reflect the negative situation the company was in? 20p 40p this would still dilute many existing shareholders but does that present a buying opportunity today? We will see.
Well something is about to come out, because at 06.40 this morning the Fosun/ Thomas Cook deal was just mentioned on BBC1. It stated the advance talks, but seems strange to suddenly mention something we have all known for weeks. Maybe 7.00am Rns due??
No position long or short Gareth, I’m a trader not an out and out gambler. Jed trolls a number of other boards but is completely clueless about what he invests in. I’m just pointing out that he and many others will lose most of not all of their shake when this goes through - time will tell but so far the share price has been proving me right..
Shorter thought Thomas Cook would go to the wall so they invest 40 million betting against them. Fosun are about to save them so what do you think is going to happen to those shorts? They are going to close them, get ready for a SQUEEZE on the share price, up she goes guys and gals. I’m not selling!
Short tracker still shows 10.2% shorted - I appreciate days delay in update. A larger issue is Norway that has a special standing in the EU - this may allow for the Nordic aircraft arm to be sold outside EU rules - but I am unsure on this. I also Think Brexit will hinder any final signature so there is still time to hammer all the points and settle the stock value ?
Noveckinggood what a silly response, the trolls were saying no credible bids, now we have Fosun stepping forward in advanced talks and TCG have said they are happy with the offers on the table. Would you rather they didn’t come forward? How’s your spread bet going?
Why do you think shorts closed yesterday? Last time news of Fosun came in to the media this shot up to 20p, now we have it confirmed that’s Fosun are in advanced talks to save TCG this should be amazing news as it will be subject to shareholder approval. Remember Thomas Cook said “we are pleasantly surprised but the bid offers that do not reflect the negative position of the company”. IMO this will be a decent offer which will be accepted. Above all Thomas Cook will be saved by a fantastic partner.