thomas cook

[Lucky23]

Originally Posted by itsmeGAV

Two good points indeed

I myself fall under the first point and am just awaiting the final outcome next week and if they continue to trade great, if not we will just have to manage it.

In regards to point 2, absolutely agreed that they should be able to access whatever information is readily available and luckily 90% of the information is the same across multiple news outlets.

See more...

We have booked for next August - so waiting to hear. My concern is that if they do get the rescue deal and continue trading, will this all happen again and we will be in a worse position as it may be too late / too expensive to purchase other flights ?

[Scott family]

Originally Posted by itsmeGAV

Two good points indeed

I myself fall under the first point and am just awaiting the final outcome next week and if they continue to trade great, if not we will just have to manage it.

In regards to point 2, absolutely agreed that they should be able to access whatever information is readily available and luckily 90% of the information is the same across multiple news outlets.

See more...

We also fall under the first point. It’s all completely out of our hands, it’s just keeping fingers crossed for everyone concerned that it all goes through successfully

[itsmeGAV]

Originally Posted by Lucky23

We have booked for next August - so waiting to hear. My concern is that if they do get the rescue deal and continue trading, will this all happen again and we will be in a worse position as it may be too late / too expensive to purchase other flights ?

See more...

I doubt even Thomascook will know this information if I'm honest.

They'd be more concerned of what's happening now and ensuring this goes through without a hick and will then move onto a fallout plan if this were to happen again.

We can only wait and hope that this deal goes through and Thomascook start to shine again.. but in this day and age who knows what the future can hold.

[SlinkyDog73]

Originally Posted by Lucky23

We have booked for next August - so waiting to hear. My concern is that if they do get the rescue deal and continue trading, will this all happen again and we will be in a worse position as it may be too late / too expensive to purchase other flights ?

See more...

My concern also...

But we could live everyday worrying and where would that get us.

Who knows in 11 months where many companies will be..

We will go next year no matter what.

[YorkshireT]

The DC Panel has said it will not make a decision until at least Monday.

uk.reuters/article/us-th...-idUKKBN1W41QO

For those who have not been following it, in simple terms, the shareholders have to vote to pass the deal- it essentially wipes them out. It is a last gasp deal to survive. There were not the suite of buyers for the company as had been predicted by many.

However, a significant minority of the shareholders are hedge funds, which hold an insurance (called credit default swaps) that pays them in the event the company becomes insolvent. Essentially, these are gamblers who placed bets on it going under.

Whether they get paid out is decided by a panel- which consists of bank's lawyers called the DC panel. If they determine that TC is not insolvent, and thus the policies to pay do not bite, then there is a good chance these shareholders could block the deal when the final vote comes in on Friday.

TC placed itself in Chapter 15 Bankruptcy in the USA- this is meant to protect them from creditor's actions to give themselves room to breath, but the real reason they seem to have done this is to influence the DC panel decision. I believe this is the first time this has been tried, so it is an unknown quantity.

TC themselves then have a court hearing, where the deal is hopefully approved- if the shareholders have not blocked it.

TC themselves asked for an expediated hearing date, saying that they will run out of cash by the end of the month. However, worried that they would not get the vote through, they pushed the meeting back a week. This is going to the absolute wire- they have bought more time to speak to the voters, the DC panel to make a decision, get the Ch15 bankruptcy, and get the vote through and court approval- with literally days to spare if the stars align.

If you ask me, if it works out, thier advisors deserve a medal.

They also had pension funds threatening to veto the deal, it is not fully known if they have managed to satisfy the trustees.

So essentially it is looking at the moment that it will likely rest on whether this DC committee approve the payouts. If not, it is looking decidedly shaky that it will pass the vote a week tomorrow. If it fails to pass the vote a week tomorrow, it looks like insolvency will be announced very quickly afterwards.

[col1968]

I've just booked great priced flights for Cyprus next year and also am waiting to book for Florida- fingers crossed this all comes off positively for travellers and the people who work there

[SlinkyDog73]

Originally Posted by YorkshireT

The DC Panel has said it will not make a decision until at least Monday.

uk.reuters/article/us-th...-idUKKBN1W41QO

For those who have not been following it, in simple terms, the shareholders have to vote to pass the deal- it essentially wipes them out. It is a last gasp deal to survive. There were not the suite of buyers for the company as had been predicted by many.

However, a significant minority of the shareholders are hedge funds, which hold an insurance (called credit default swaps) that pays them in the event the company becomes insolvent. Essentially, these are gamblers who placed bets on it going under.

Whether they get paid out is decided by a panel- which consists of bank's lawyers called the DC panel. If they determine that TC is not insolvent, and thus the policies to pay do not bite, then there is a good chance these shareholders could block the deal when the final vote comes in on Friday.

TC placed itself in Chapter 15 Bankruptcy in the USA- this is meant to protect them from creditor's actions to give themselves room to breath, but the real reason they seem to have done this is to influence the CD panel decision. I believe this is the first time this has been tried, so it is an unknown quantity.

TC themselves then have a court hearing, where the deal is hopefully approved- if the shareholders have not blocked it.

TC themselves asked for an expediated hearing date, saying that they will run out of cash by the end of the month. However, worried that they would not get the vote through, they pushed the meeting back a week. This is going to the absolute wire- they have bought more time to speak to the voters, get the Ch15 bankruptcy, and get the vote through and court approval- with literally days to spare if the stars align.

If you ask me, if it works out, thier advisors deserve a medal.

They also had pension funds threatening to veto the deal, it is not fully known if they have managed to satisfy the trustees.

So essentially it is looking at the moment that it will likely rest on whether this DC committee approve the payouts. If not, it is looking decidedly shaky that it will pass the vote a week tomorrow. If it fails to pass the vote a week tomorrow, it looks like insolvency will be announced very quickly afterwards.

See more...

Thanks for this, most helpful.

[tallas77]

To be honest I am watching Thomas Cook with great interest, as we have just decided to go over to Florida at the end of October this year and TC are the cheapest by a large amount.


With this I think I will hold off booking for a week to see what happens.

[SlinkyDog73]

Originally Posted by tallas77

To be honest I am watching Thomas Cook with great interest, as we have just decided to go over to Florida at the end of October this year and TC are the cheapest by a large amount.


This I will hold off a week to see what happens.

See more...

I booked last week, the price was 2k cheaper than BA, I wish I knew just how much trouble they were in, but it is done now.

Rang my travel insurance company today and if they announce they are going under I will get my money back,but I hope all is ok.

I am worried but what can I do. Just have to wait and see.

[shimmers]

We are due to fly TC airlines on 3rd October Manchester to San Fran, return on 17th October. If a rescue deal isn't secured on 30th Sept will flights be cancelled immediately? What should I do in the meantime? Panic!