Thomas Cook

[Guest]

Originally Posted by Minnie18

Sorry but thats not the info I have seen. 200m to see them through winter and 900m to see them 12 months but never out the red.

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They aren't currently that much in debt, they need that much on working capital because as any travel agent will tell you they are now 9 months away from making money (TA only really make money late June - early sept, the rest of the year they try their best to break even)

[captain-codeye]

Originally Posted by Guest

They aren't currently that much in debt, they need that much on working capital because as any travel agent will tell you they are now 9 months away from making money (TA only really make money late June - early sept, the rest of the year they try their best to break even)

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This is the truth and why sadly they are going to fail.

I have worked in the leisure industry for 25 years and come September your bank balance needs to be healthy enough to see you through to May.

Yes in bad times you may need some help around March or April to see you through a couple of months but to be looking for money in September after the summer season you are done for.

I feel for all the employees who in no way are to blame but they are not in any state to continue, there are massive problems at the top if in September you are in trouble all ready.

No the government should not help, they would have more chance of getting the money back with 100,000,000 lottery tickets.

All this talk of it’s cheaper than reparations is silly, bail them out now and you will be kicking the can down the road and just repatriating in 3 months time.

[itsmeGAV]

Originally Posted by Minnie18

Sorry but thats not the info I have seen. 200m to see them through winter and 900m to see them 12 months but never out the red.

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Interesting.. I'm pretty sure the deal with Fosun/Banks/Bondholders was to clear the debt pile with the 900million in exchange for equity and then maybe a week or so ago they were asking for an additional 200 million to see them through the winter on top of the already 900 million.

Then RBS stepped in and are forcing them to find the additional 200 million which has then piled the pressure on which now leads to today, please correct me if I'm wrong.

[YorkshireT]

Just woke up to news that TC has hired security to protect its offices, and people have been ‘held hostage’ by armed guards in Tunisia unless they pay hotel bills that TC are said not to have paid!
Suppose all eyes and ears waiting for the outcome of this meeting at 9am now.

[ziggyzag]

Originally Posted by YorkshireT

Just woke up to news that TC has hired security to protect its offices, and people have been ‘held hostage’ by armed guards in Tunisia unless they pay hotel bills that TC are said not to have paid!
Suppose all eyes and ears waiting for the outcome of this meeting at 9am now.

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It was on Twitter in the early hours the people were able to get on a bus and go to the airport without having to pay anything

[YorkshireT]

Originally Posted by ziggyzag

It was on Twitter in the early hours the people were able to get on a bus and go to the airport without having to pay anything

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Yes just read apparently some fellas turned up with a bag of cash and paid the hotel. Hotel of course had no right to hold anyone in the first place, at least not in any place where there is a rule of law.

[YorkshireT]

Originally Posted by Minnie18

Sorry to disagree YT but personally I think they are clinging onto air rather than going down without a fight.

they need 1B to see them through winter and over the next year. In 12 months it would all be back to square one.

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I’m not sure they’d still need the 1bn, but I agree it seems like a sticking plaster.

If it was a viable business that could pay the extra money back- why has no one come to lend it. When you are trying to strong arm the government into paying you 200m to keep trading, you are accepting no one else will lend you the money - in other words no one thinks it is a good bet.

Fosun a Chinese company has brokered a deal where the current owners, the shareholder, gets basically wiped out and they pick it up debt free for a low sum. Why aren’t they putting in this extra 200m?

Now the final thing looks to be trying to persuade creditors to give them more time. I suspect the problem with that will be that will mean creditors also advancing more credit.

Fingers crossed for them today, let’s hope they pull something out of the hat, but there are still numerous other hurdles to then overcome.

[bennyboy0751]

Originally Posted by YorkshireT

I’m not sure they’d still need the 1bn, but I agree it seems like a sticking plaster.

If it was a viable business that could pay the extra money back- why has no one come to lend it. When you are trying to strong arm the government into paying you 200m to keep trading, you are accepting no one else will lend you the money - in other words no one thinks it is a good bet.

Fosun a Chinese company has brokered a deal where the current owners, the shareholder, gets basically wiped out and they pick it up debt free for a low sum. Why aren’t they putting in this extra 200m?

Now the final thing looks to be trying to persuade creditors to give them more time. I suspect the problem with that will be that will mean creditors also advancing more credit.

Fingers crossed for them today, let’s hope they pull something out of the hat, but there are still numerous other hurdles to then overcome.

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i used to go to tunisia 3 times a year in the naughties, been all over was dirt cheap in them days great country fabulous historic sites but a big but it has changed, if this is true Yorkshire i think game over my friend correct me if im wrong is not paying hotels usually straw that breaks camels back and next is impoundment of aircraft cant remember how monarch went

[bennyboy0751]

sorry Morning Yorkshire forgot to say that just seen this in daily mail
dailymail/news/art...otel-beds.html

[Raxylovesdisney]

I’m hating the waiting, it’s all we can do but at the end you know we’re all going to end up getting stung 😖