Thomas Cook files for US bankruptcy protectionBack to Forum
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Another great name gone to the wall. Such a shame. I wonder what will happen to their Travellers Cheques (still used in some countries I believe and the Forex travel card?
As for the FT, I’m a subscriber and every email let’s me know it’s free for today. Use a VPN in Hawaii and it will still work tomorrow morning. It’s my favourite paper and well worth subscribing to.18 Sep 2019
A great shame, a black day for the travel industry, for TC employees and customers.
I hope even at this 11th. hour a rescue plan can be put in place, but it seems unlikely.20 Sep 2019
It’ unbelievable that this was once a £ 5 billion company with the shares at over £ 2.80 and today it has a market cap of just £ 68 million. Such bad management and decisions along the way. It did get down to 8p some 7 years ago and then recovered to over 180p before collapsing again, so if they do pull a rabbit out the hat, it could be worth a small punt for the brave. Not for me though. I just hope they get rescued.
You must be logged in to access attached files.20 Sep 2019
This article is a good analysis of where the Thomas Cook Group is and why it is under US bankruptcy protection — the answer is to protect it from ” largely US hedge funds which bought into the bonds hoping to make a killing from Thomas Cook’s collapse.”
It is optimistic and shows how the firm can survive.
“Comment: Thomas Cook is on life support, can it survive?”, (Travel Weekly 20-9-19)21 Sep 2019
Sad indeed, and terrible for all these stranded holiday makers.23 Sep 2019
Really depressing and thoughts with those who have lost jobs and holiday savings.
Sadly the business has been on the slide for years, largely due to poor decisions by past CEOs. However margins in the industry are cut throat as Monarch and TC have shown.
Finally whilst maybe not illegal you have to consider the ethics of businesses that were taking in money as late as midnight last night when rescue planes had already been despatched by CAA.23 Sep 2019
…..and all for GBP200. The government has refused that quantity to keep the company operating so (on their own reckoning) now have to pay out GBP600. Families suffer, the taxpayers are lost and unemployment benefit has to be forked out………..and all for political pigheadedness and rigid dogmatic posturing. Madness.
1 user thanked author for this post.23 Sep 2019