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ad the hearing will be not before the 7. October !
"They want even MORE money! But they don’t expect to use it! I’be heard that before. Reminds me of a weekend away with a spendthrift friend. "
This additional RCF will lead to a higher dilution of shareholders and those shares will be given to the Pension who demanded shares. Deal saved .
but you see that on the 28. Aug. the RCF was nearly completely used.
But maybe I dont understand it :)
how does this fit:
NET DEBT............!!!
Yes right, so the cash/bank will be in favor for the new money providers ?
how does this fit:
"Barrister Tom Smith QC, who led Thomas Cook’s legal team, told Mr Justice Norris that the Thomas Cook group had a “net debt position” of around £1.25 billion. "
" D4E approx. 1,67 billion
so approx. 400 mio. cash in the balance sheet ????
but the bondholders can participate in the "sweet" new money. Thats the surprising need of 150 mio extra new money...
at least 78 % to new money and at least 15% to D4E leaves …..
that is really interesting, why NK / Russian/ other Fonds/Companies are not selling ? No RNS yet.
when was the article published ?
30 August, 2019
A High Court judge has given troubled travel firm Thomas Cook Group PLC the green light to proceed with the next stage of a planned rescue deal.
Thomas Cook bosses said recently that they had substantially agreed the key terms of a rescue deal with Chinese tourism group Fosun Tourism Group.
Justice Norris approved Thomas Cook's plans for meetings with creditors at a High Court hearing in London on Friday.
The judge said he had not been asked to consider the merits of Thomas Cook's planned restructure.
He approved arrangements for providing information about the planned deal to creditors after lawyers representing Thomas Cook outlined details of proposed meetings.
Barrister Tom Smith QC, who led Thomas Cook's legal team, told Norris that Thomas Cook Group had a "net debt position" of around GBP1.25 billion.
He said the planned Fosun deal would involve an injection of GBP900 million of "new money".
Mr Smith said Thomas Cook had suffered because of a "general economic downturn", declining consumer confidence, increased competition from lower cost rivals, the effects of a heatwave in 2018, "environmental concerns" and the weak performance of sterling.
source: Press Association
http://www.morningstar.co.uk/uk/news/AN_1567176482833590300/judge-gives-thomas-cook-go-ahead-for-next-phase-of-rescue-deal.aspx
The Fosun deal its really HORROR for old investors. If a white knight is quick enough he could make a good deal. But 4 weeks left only ….
what rescue, what is new in the RNS from 28.08 compared to 12.08 ?
It is still just an "substantil" agreement. Nothing more or less !
Fosun still will provide 450 mio new money (for sure equity).
Banks/noteholders "targeting" 450 mio of new money (pretty sure as loan) and sure that the 450 mio are not yet funded .
New is, that documents are send out to noteholders . Those documents need up to 90 % acceptance !
New is the cost cover. Is Fosun afraid that the deal will not happen? Yes they are and no statement from Fosun Tourism since their Press conference and their statement about no deal or a deal without Fosun.
No news from Anex / Kockar since -they are working on a deal- . But also no news they stopped working on it or sold shares.
Why everybody thinks its all settled now ? Time is running, without new money game over in October.
Hope So :
Key commercial terms and next steps include:
Fosun contributing £450 million of new money to the Group and acquiring at least 75% of the equity of the Group Tour Operator (subject to the receipt of anti-trust approvals) and 25% of the Group Airline;
The Group’s core lending banks and noteholders targeting in aggregate £450 million of new money to the Group and converting their existing debt into approximately 75% of the equity of the Group Airline and up to 25% of new equity in the Group Tour Operator
approximately and up to in the RNS !
certain ? Can't be as long they are writing approx. and up to !
75 %- 18 % ??
They do not have 18 % in Tour operator NewCo !
not new equity….they are writing about new money !! This could be equity but also a loan.
https://seenews.com/news/bulgaria-air-signs-spa-with-germanys-condor-666179
Bulgaria Air signs SPA with Germany's Condor Published Aug 22, 2019 14:18 EEST
SOFIA (Bulgaria), August 22 (SeeNews) - Flag carrier Bulgaria Air said on Thursday it has signed a special prorate agreement (SPA) with Germany's Condor, part of British-based Thomas Cook Group, which will allow Bulgaria Air passengers to reach several exotic destinations via a flight change in Frankfurt.
Under the agreement, passengers from the Bulgarian airports of Sofia, Varna and Burgas will be able to fly to the Caribbean islands, the Seychelles, Mauritius, the Maldives, and several locations in Malaysia, Bulgaria Air said in a statement.
Bulgaria Air will operate the flights to Frankfurt, while the flights from there to the final destination will be carried out by aircraft and crews of Condor.
Bulgaria Air operated 5,995 flights in 2018, 52 less than in 2017, according to data from its annual financial statement. Flights on regular routes fell by 168 to 4,841 while charter flights increased by 116 to 1,154.
even Fosun talks about a plan being not involved
lets wait for it
reading more and more about the Fosun Tourism interview I think there is actually a second (or even mure) rescue plan in which Fosun might not be involved !
https://www.tornosnews.gr/epixeiriseis/tour-operators/38855-dyskolies-sthn-exagora-toy-thomas-cook-vlepei-h-fosun.html
Major difficulties in the planned takeover of Thomas Cook's majority stake are seen by Fosun Tourism Group Chairman and CEO Qian Jinnong. Speaking to reporters in Hong Kong about the group's interim results, Qian Jinnong said Fosun may not be involved in Thomas Cook's rescue plan at all.