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UPDATE 1-Thomas Cook's collapse strands about 50,000 in Greece, official says

Mon, 23rd Sep 2019 09:14

(Updates with financial hit on hotels)

ATHENS, Sept 23 (Reuters) - About 50,000 tourists are
stranded in Greece, mainly on islands, after British travel firm
Thomas Cook collapsed, a Greek tourism ministry official told
Reuters on Monday.

The tourists, mainly British, were vacationing on the
islands of Zakynthos, Kos, Corfu, Skiathos and Crete, the
official said.

"The top priority now is to get them back home," the
official said, declining to be named.

Thomas Cook, one of Britain's oldest companies, ran hotels,
resorts and airlines for 19 million people a year in 16
countries.

The head of Greece's hotel federation said Thomas Cook's
financial collapse would be a significant blow for hoteliers,
since many vacation packages were not prepaid.

"The situation is quite difficult. It does not affect just
British tourists but other nationalities as well," Grigoris
Tassios told state TV ERT.

He said many hotels were expected to make losses on payments
affecting vacation packages for the last two months, meaning
"many millions of euros."

"Up to October 15 there are high occupancies, so we will
suffer losses from this segment, too," Tassios said.

He said hotel companies would turn to the courts to try and
recover money owed by Thomas Cook.

The company's collapse could be a blow to tourism in its
biggest destinations, including Greece, leaving fuel suppliers
out of pocket and forcing hundreds of travel agents to shut down
across British high streets

But the Greek tourism confederation SETE said the industry
has the depth and quality to overcome the hit. It called on the
government to come up with specific measures to help companies
absorb the problems that will arise.

Greece has been experiencing an upsurge in tourism in the
last years with a record number of 33 million visitors last
year. Tourism accounts for about a quarter of economic output.
(Reporting by Angeliki Koutantou and George Georgiopoulos,
editing by Larry King)

More News
20 Sep 2019 07:43

UPDATE 5-Britain's Thomas Cook scrambles for $250 mln to avert collapse

(Refiles to fix typo in first paragraph)* Firm hit with demand from lenders for underwritten funds* Fosun and banks working on recapitalisation plan* Oldest travel company has 600,000 customers currently on holiday* Government bill for collapse coul...

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20 Sep 2019 07:43

UPDATE 4-Britain's Thomas Cook scrambles for $250 mln to avert collapse

* Firm hit with demand from lenders for underwritten funds* Firm seeking to recapitalise with Fosun and banks* Oldest travel company has 600,000 customers on holidays (Adds graphics)By Alistair SmoutLONDON, Sept 20 (Reuters) - Britain's Thomas Cook ...

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20 Sep 2019 07:43

UPDATE 3-Britain's Thomas Cook scrambles for $250 mln to avert collapse

* Firm hit with demand from lenders for underwritten funds* Firm seeking to recapitalise with Fosun and banks* Oldest travel company has 600,000 customers on holidays (Adds detail, background)By Alistair SmoutLONDON, Sept 20 (Reuters) - Britain's Th...

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20 Sep 2019 07:43

UPDATE 2-Britain's Thomas Cook scrambles for $250 mln to avert collapse

* Firm hit with demand from lenders for underwritten funds* Firm seeking to recapitalise with Fosun and banks* Oldest travel company has 600,000 customers on holidays (Adds background, share price)By Alistair SmoutLONDON, Sept 20 (Reuters) - Britain...

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20 Sep 2019 07:43

UPDATE 1-UK's Thomas Cook hunts for $250 mln to fend off collapse

(Adds background, details)LONDON, Sept 20 (Reuters) - Britain's Thomas Cook said its banks had ordered the company to find an additional 200 million pounds ($251 million) of funding in order to guarantee the survival of the world's oldest holiday ...

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20 Sep 2019 07:15

Thomas Cook confirms lenders' request for extra 200 mln stg in rescue deal

LONDON, Sept 20 (Reuters) - British travel firm Thomas Cook on Friday said an extra 200 million pounds ($251.48 million) had been requested by stakeholders in talks to finalise the restructuring plan to save the company.The world's oldest holiday ...

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20 Sep 2019 06:58

LIVE MARKETS-On our radar: supermarkets and airlines

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: josephine.mason.thomsonreuters.co...

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19 Sep 2019 19:29

UPDATE 1-Thomas Cook hit with extra funding demand, threatening rescue

(Recasts with new funding demand)LONDON, Sept 19 (Reuters) - A rescue deal for Thomas Cook was facing fresh uncertainty on Thursday after the travel firm was hit with a demand for extra funds and a panel of bankers delayed a decision that might ha...

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19 Sep 2019 13:30

UK panel delays ruling on Thomas Cook payout under bankruptcy

LONDON, Sept 19 (Reuters) - A panel of bankers will not make a decision on whether some investors in Thomas Cook's credit are due a payout under bankruptcy rules until at least Monday, it said on Thursday.Following Thomas Cook's filing for Chapter...

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18 Sep 2019 18:39

UPDATE 1-Panel to rule on credit dispute key to Thomas Cook's future

(Adds details of bond and share prices, background)LONDON, Sept 18 (Reuters) - A panel of bankers will rule on Thursday whether some investors in Thomas Cook's credit are due a payout under bankruptcy rules, a decision that could smooth a rescue o...

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18 Sep 2019 15:45

Thomas Cook restructuring plan overshadowed by CDS dispute

LONDON, Sept 18 (Reuters) - The fate of travel firm Thomas Cook could be shaped by a technicality: that a panel of bankers declare it has committed a default before it can be saved, in order to satisfy credit investors who had bet on its demise.T...

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17 Sep 2019 13:14

Thomas Cook files for chapter 15 protection in US, says Bloomberg

(Sharecast News) - Thomas Cook Group has sought to ensure its bonds are protected from US creditors by filing for Chapter 15 court protection, according to a Bloomberg report on Tuesday.

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16 Sep 2019 16:05

Thomas Cook shares sink amid speculation over imminent collapse

(Sharecast News) - Embattled tour operator Thomas Cook was under the cosh on Monday amid speculation that it's on the verge of collapse.

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28 Aug 2019 16:50

LONDON MARKET CLOSE: FTSE Outperforms As UK PM Prorogues Parliament

(Alliance News) - London's FTSE 100 powered ahead of its European counterparts on Wednesday after the pound fell following news UK parliament will be suspended."The UK decision to

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28 Aug 2019 12:01

LONDON MARKET MIDDAY: Pound Falls As UK PM Moves To Suspend Parliament

(Alliance News) - The FTSE 100 reversed some early losses on Wednesday after the pound dropped on news the UK government is planning to suspend parliament, a move which could prevent MPs from a up

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