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I am not sure they want to, the Monarch rescue cost £60m, they estimate that the TCG efforts would cost £500m. Unbelievable the BOD trying to force the government to act. The government should do a Northern Rock on TCG and wind it down.
The government should let the business fail. It cannot be right to use tax payer money to bail out debt ridden and badly run companies.
Condor will be sold by the administrator for sure.
These mug punters seem to think that their dumbass penny stock bets should be underwritten by HMG
Condor, legally incorporated as Condor Flugdienst GmbH, is a German leisure airline based in Frankfurt and a subsidiary of the Thomas Cook Group. It operates scheduled flights to leisure destinations in the Mediterranean, Asia, Africa, North America, South America, and the Caribbean
if you don't like capitalism vote Corbyn he will nationalise businesses and keep everybody in jobs just like Soviet Russia
In the Times, “more likely than not to enter administration”
A sad day indeed, but nothing to do with shorters, they didn’t rack up billions in debt and hire incompetent managers/Directors. Sorry too to anyone who looses money if admin does happen, but there have been plenty of warnings from the company and in the press and plenty on here saying salvage what you can, so anyone with money left in here now only have themselves to blame if it collapses.
a sad day? much worse things have happened
anyway Fosun taking over means it is no longer a UK company
It will be a sad day if TC collapses as this is a UK institution and one of the largest holiday companies in the world
I guess we can look forward to an rns first thing monday morning.
It will either be good news with another loan agreed or Admin.
History repeats itself....
If only pigs can fly.. tomorrow I be a millionaire..
Ah the wonder of a free market, de regulated and without pesky governments poking there nose in.
Until it goes tits, then you want every basket case nationalised.
Totally potty.
At the start of the week, demands for HMG to pump in 4bn for Sirius potash misadventure.
Now you want another what 1bn? to nationalise a holiday company!
All the while whilst leaving your already government owned company (RBS) out of pocket.
Its no wonder so many idiots lose their cash in this stock market casino with logic like that.
I hope that something gets sorted for you all.
I like Thomas Cook and have used them several times in the past and always had good service from them.
Good luck to you all.
You can still book on line fights right now....website should be pulled to avoid loyal customers waisting their hard earned cash...ripping customers off.
Now TCG tries a last ditch appeal for the £200m and goes to the government.
So is this a loan from the government to sit in an account as a G/Tee in-case it’s needed as a bail out to just see them through next week until they sell tcg to Fosun, a private company.
Will the government (us) ever get this money back or will it just get used by the banks, if it is just a loan and may not be needed why doesn’t the banks or Fosun pay up the extra.
Come on Government do NOT pay any more money because it they go bust by Monday you will never see this money again, and it’s just another ploy by this bod’s to use other people’s money or push the blame. Away from them.
When will this end.!!!!!
However I really feel sorry for families due to fly out on holiday Monday morning, as there is a high chance that their plans will be ruined. Had it happen to me once and even if you find another holiday (and the bloody competition seek to take advantage by hiking prices), you still have to fork out new money for the trip, and cannot roll it over. Worth checking just before you travel to airport, as it might save you a wasted trip.
Bailout is pointless ...it doesn't have a sustainable business model, taxpayers money cannot be wasted on this again
At least if it does go to admin, the pilots can get work for Ryanair, they need some strike breakers.
destroyed by BOD ... badly run
founded by a Baptist Minister and destroyed by short sellers.
You are right about Condor.....more importantly, they make a good profit and have good bookings for the coming season.
Good Morning
Can someone clarify, if they go into administration, does that also mean Condor and other subsidiaries would cease trading as well? Thanks
...Continued:
That deal involved about ten banks and other stakeholders, including the Fosun Tourism Group of China, Thomas Cook’s largest shareholder. The company’s airline and tour business would be separated, with Fosun taking control of the latter and a minority stake in the former. Thomas Cook’s debtholders and banks would in turn have the majority of the airline and a smaller stake in the tour business. That debt-for-equity swap involves Fosun contributing £450 million, the banks £300 million and the debtholders £150 million. A source close to funding talks said: “Thomas Cook hangs in the balance. People are still working in good faith to find a solution.”
Fosun, which has largely remained publicly silent in recent months, issued a statement yesterday. “Our proposed contribution of £450 million has not changed throughout this process,” it said. “As a minority investor in Thomas Cook, and with no board representation, we are still working tirelessly with a large number of other stakeholders and interested parties to find agreement on the company’s proposed recapitalisation plan.”
Although Thomas Cook’s fate could be determined this weekend, it is facing other key deadlines this month. Stakeholders are due to vote on August’s agreement on Friday and the Civil Aviation Authority, which administers the Atol scheme covering travel companies, has to decide whether to renew Thomas Cook’s licence at the end of this month for another 12 months.
Thomas Cook’s share price was down another 22.7 per cent to 3½p yesterday. The CAA has confirmed that the Atol scheme has funds of more than £170 million available to bail out holidaymakers, with an additional insurance cover totalling a further £400 million.
Heading: Holiday giant on the brink of collapse
Sub-heading: Ministers set to reject Thomas Cook bailout.
12.01 a.m. Saturday September 21 2019.
http://www.thetimes.co.uk/article/864e776c-dbee-11e9-9cfd-b79996a387b0
Thomas Cook is on the brink of collapse with the government poised to reject a last-ditch appeal for a bailout. Up to 150,000 Britons could be stranded abroad.
The world’s oldest travel company turned to ministers yesterday to request £200 million in emergency funding after lenders threatened to pull out of a rescue.
The Times understands, however, that the government is unlikely to intervene amid concern about the longer-term viability of the company. The tour operator’s board is expected to meet tomorrow, but a source close to the talks said it was “more likely than not” that it would enter administration.
Thomas Cook employs more than 21,000 people, including 9,000 in Britain, where it has 544 high-street travel agents. Its collapse would leave 150,000 Britons stranded and require the country’s biggest peacetime repatriation.
An emergency cabinet meeting would be convened in the event of a collapse to put the repatriation plan, codenamed Operation Matterhorn, into action. Frantic queries to Thomas Cook were being made last night by customers, some of whom have spent tens of thousands of pounds on holidays and weddings, over whether booked trips would go ahead and concerns that those overseas could be stranded. The cost of bringing home passengers has been estimated at £600 million.
John McDonnell, the shadow chancellor, told The Times: “It’s critical the government intervenes urgently to protect British holidaymakers, who through no fault of their own are facing this nightmare.”
The Thomas Cook group, founded in 1841 by a cabinetmaker and former Baptist preacher, runs more than 100 aircraft and 199 own-brand hotels. The surprise breakdown of a £900 million rescue agreed last month has thrown into doubt the plans of hundreds of thousands of customers.
About 600,000 people, including 150,000 Britons and about 300,000 Germans, are abroad with the operator. Thomas Cook has been brought to the brink by £1.7 billion of debt, uncertainty over Brexit affecting bookings, the heatwave last summer and competition in popular destinations.
The problems come after lenders, including Royal Bank of Scotland and Lloyds, required Thomas Cook to secure an extra £200 million to cover any shortfall over the winter season, on top of the £900 million agreement.
Continued...
I cant believe people are still buying stock.