FlyerTalk Forums - View Single Post - Thomas Cook Enters Compulsory Liquidation
Old Sep 22, 19, 11:09 pm
Join Date: Oct 2012
Location: UK
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Posts: 150
Originally Posted by iflyjetz View Post
Wow. I hadn't heard anything about them having financial difficulties. Makes one wonder how many more European airlines are teetering on the edge of insolvency.
They had been in trouble for a year or two. A rescue almost made it over the line, but ultimately failed because they could not raise 200M by the end of yesterday. I think the repatriation and other costs will be 600M from what I have seen reported. Then the costs of all the job losses, not only the 22,000 TC staff but the unknown number of support staff/companies. Mr/Mrs tax payer and the economy in general are going to foot a very large bill. The government hide behind the principal of not intervening in the private sector, with good reason. But with something as big as this, I think something should have been done. Maybe it was beyond salvation even with the rescue package, we will never know.
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