Insurance info if Thomas cook goes bust

[Guest]

It looks like this saga is almost over, and TC will get split up as part of a rescue deal setup by it's current investors.

bbc/news/business-48960685

[Lucky23]

Originally Posted by Guest

It looks like this saga is almost over, and TC will get split up as part of a rescue deal setup by it's current investors.

bbc/news/business-48960685

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What does this mean for people who have purchased just flights with Thomas cook airlines ? ( fly next August) Thanks

[anneeb]

Originally Posted by Lucky23

What does this mean for people who have purchased just flights with Thomas cook airlines ? ( fly next August) Thanks

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We are in the same position. As far as I can see Fosun are going to get a percentage of the airline business, probably 49% as they can’t have a majority share of it. So it appears to be business as usual in that case. TCG will continue to operate, but may go off the stock market and become a private company. Overall, I would say that flights are secure as Fosun have invested and want to see their investment prosper.

[Quensabob]

Fosun already own a percentage of the Airline but they can't buy it outright,it's profitable nothing will change!

[itsmeGAV]

Originally Posted by Lucky23

What does this mean for people who have purchased just flights with Thomas cook airlines ? ( fly next August) Thanks

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As above.. it looks like that going forward, it's business as usual.

Fosun know what they're doing.

[Guest]

Originally Posted by anneeb

We are in the same position. As far as I can see Fosun are going to get a percentage of the airline business, probably 49% as they can’t have a majority share of it. So it appears to be business as usual in that case. TCG will continue to operate, but may go off the stock market and become a private company. Overall, I would say that flights are secure as Fosun have invested and want to see their investment prosper.

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It might not be 49% as they can't be the majority shareholder or the largest shareholder so it will depend on who the other 51% is owned by as to how much FOSUN end up taking.

To the customer though it's irrelevant as whatever FOSUN don't take someone else will

[Claret1882]

FOSUN will own the Tour Operator and 49% or less of the airline. The majority owner of the airline will be the banks whose debt has been wiped out. On the whole a good result all round for customers and staff of Thomas Cook. The only losers are the ones who owned shares in the business. They have basically lost all their money with the share price down to below 6p.

[DisneyYoda]

Like a lot of Disney fans I’m really looking forward to FOSUN 2! Trailer looks awesome!

[Peko]

Originally Posted by Guest

It might not be 49% as they can't be the majority shareholder or the largest shareholder

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Not true. No problem to own 49%, Delta owns 49% of Virgin Atlantic, making it the largest shareholder. It’s just not possible to own more than 50%, but in most cases 49% would be effective control if the 51% is fragmented to any extent.

[itsmeGAV]

Originally Posted by Peko

Not true. No problem to own 49%, Delta owns 49% of Virgin Atlantic, making it the largest shareholder. It’s just not possible to own more than 50%, but in most cases 49% would be effective control if the 51% is fragmented to any extent.

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To echo this.. Fosun are legally able to own 49.9% of TC Airlines.