Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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“TRAVEL CHAOS Thomas Cook holidaymakers face 24-hour scramble to get home as firm gives up hope of private rescue” https://www.google.co.uk/amp/s/www.thesun.co.uk/travel/9973080/thomas-cook-holiday-bust-private-rescue/amp/. OK it’s not the FT but we’re going to see this in the broadsheets too.
Well some folk have guaranteed
Come on admit it who has invested their sipp in here??
Let it be let it be there is another flybe sorry but true
Cheerio, goodbye and thanks for playing.
In the only winners here? The brokers taking commission from mug punters and dumbo pi traders.
Hmmm come Monday morning it will be zero
I'm afraid so. Sad but true. Why would anyone commit money ott his lost cause? Just madness.
What’s the lowest price someone paid for this today?
now book it, coz PF just f*cked it
Yes it's a mess popcorn anyone?
D M ail updated 15.51
But the Mail understands the Atol fund does not currently contain enough money to deal with a Thomas Cook-scale repatriation should it become necessary - and the DfT will be left using taxpayer money to get people home.
There are more than twice the number of Thomas Cook holidaymakers currently overseas than there were Monarch passengers in 2017.
Unless RBS backs down, Thomas Cook's board will have to call in administrators within days.
This could happen as early as Sunday, the Mail understands, and the company has lined up administrators from Alix Partners to step in.
https://inews.co.uk/news/business/thomas-cook-administrators-collapse-jobs-635933
Led by boss Peter Fankhauser, Thomas Cook executives are holding daily board meetings to consider the company’s future.
Many observers believe it has only a matter of days to find the £200m in cash or be forced to file for administration. Alix Partners has been lined up to take the appointment.
Thomas Cook has spent the whole summer trying to agree a rescue deal with its biggest shareholder, Chinese conglomerate Fosun, lenders and bondholders.
The restructuring would see Thomas Cook split into a travel agent and airline. Fosun would have a 75pc stake in the former and own 25pc of the latter. The company nearly failed in 2011, only to be saved by its banks - including RBS - which backed a financial restructuring.
Just 18 months ago it was worth £2.2bn, but a summer heatwave wilted Thomas Cook’s profits and sent shares into freefall.
Shares closed on Friday at 3.45p each, valuing the company - whose annual revenue is almost £10bn - at just £53m.
If Thomas Cook were to fall into administration, planes would be grounded instantly, requiring the Government and aviation regulator the Civil Aviation Authority to fly customers home.
The cost of repatriation has been estimated at £600m, much of which will be borne by taxpayers.
Pilots' union Balpa urged Transport Secretary Grant Schapps to take action. “RBS and Lloyds [another member of the banking syndicate] should be told by the Prime Minister to support Thomas Cook. If Thomas Cook goes into administration it will cost the taxpayer as much to repatriate holidaymakers as it would cost to save Thomas Cook.
"The Government sat on the sidelines wringing its hands when Monarch Airlines was let down by its financiers, this time Government needs to get a grip and do its bit to save Thomas Cook.”
Thomas Cook said: “Discussions to agree final terms on the recapitalisation and reorganisation of the company are continuing.”
On Thursday RBS attacked “the characterisation” of it as reneging on promises. “RBS has provided considerable support to Thomas Cook over many years.”
A row between Thomas Cook and taxpayer-controlled Royal Bank of Scotland has escalated with both sides blaming each other for taking the travel agent to the verge of collapse.
The 178-year-old company is racing to secure £200m of funding in the hope of averting a disaster that would leave more than 150,000 holidaymakers stranded.
It also emerged on Friday that Thomas Cook has made an 11th-hour appeal for a government bailout in a bid to avoid collapse that would leave 150,000 holidaymakers stranded.
Insiders at Thomas Cook claim that RBS blindsided executives by demanding £1.1bn instead of £900m of cash to rescue the company during a meeting on Sep 9.
Those at the lender - one of a 17-strong syndicate - are understood to have been incensed by such allegations. Banking sources insisted that the £1.1bn - made up of £900m of new cash and a £200m standby loan - had long been discussed throughout the summer.
A report by restructuring consultancy FTI is at the heart of the row. Published in August, sources at the banks said the analysis made it clear that there was a “potential requirement” for an additional £200m.
Those at Thomas Cook claim there was no reference to the £200m in the FTI report.
Banking insiders said an anonymous third-party had been lined up by Thomas Cook to provide the money. It was this institution that walked away from a deal in recent days.
Those at the travel agent deny any one party had been identified. The singling out of RBS - which is 62pc owned by the taxpayer - sparked speculation within the City that Thomas Cook was put up as the fall guy if the travel agent were to fail.
they may not exist this time tomorrow
Pearls, source please, so much fake news out there!!
According to the latest press
ainonline.com
Thomas Cook Needs £1.1 billion to Avoid Collapse
https://www.ainonline.com/aviation-news/air-transport/2019-09-20/thomas-cook-needs-ps11-billion-avoid-collapse
Volcano. She wanted to stay another year but they wanted someone with tourism experience to take the co forward. She was well miffed and so was I when they brought back Frankenstein
Harriet made me a LOT of money with TC. Bt at 14 sold at 130
I wonder if that trade includes our RNS friends!
we all make our calls. I started my share dealing last time they were close to collapse, it allowed me to go up a price bracket for buying a house.
If it survives, big win, if it loses, I lost what I invested (never invest what you cant afford to lose). This isnt a share for a pension pot right now, but a little side bet. Yes, I bought.
Rampers seem to have disappeared. Not surprising.
Wasn’t too far off 3.451