Thomas Cook Enters Compulsory Liquidation

Old Sep 22, 19, 8:33 pm
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Thomas Cook Enters Compulsory Liquidation

Just saw the headline notification from France24.

Sorry to anyone affected.
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Old Sep 22, 19, 8:34 pm
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The UK seems to have arrangements in place to rescue stranded s travelers, at no additional cost to the customers.
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Old Sep 22, 19, 8:44 pm
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FT says 150,000 travelers stranded.

From the article...

“...[stranded holidaymakers are now] ... reliant on an effort by the government’s Civil Aviation Authority to put together the biggest emergency repatriation in peacetime.”
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Old Sep 22, 19, 8:46 pm
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This is now all that's on the TC website - http://cdn.thomascook.com/status.html

Thomas Cook UK Plc and associated UK entities have entered Compulsory Liquidation and are now under the control of the Official Receiver.

The UK business has ceased trading with immediate effect and all future flights and holidays are cancelled.

A dedicated support service is being provided by The Civil Aviation Authority to assist customers currently overseas and those in the UK with future bookings.

Please visit: www.thomascook.caa.co.uk
Note that as I write this the CAA webpage is broken. Maybe it's overloaded or maybe they haven't quite got it up and running at 2.45am UK time.
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Old Sep 22, 19, 9:05 pm
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Can anyone blame this on the 737 Max?
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Old Sep 22, 19, 9:06 pm
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Thomas Cook UK Plc and associated UK entities have entered Compulsory Liquidation and are now under the control of the Official Receiver.





The UK business has ceased trading with immediate effect and all future flights and holidays are cancelled.





A dedicated support service is being provided by The Civil Aviation Authority to assist customers currently overseas and those in the UK with future bookings.





Please visit: www.thomascook.caa.co.uk for further information.

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Old Sep 22, 19, 9:22 pm
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Old Sep 22, 19, 9:29 pm
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BBC https://www.bbc.com/news/business-49791249
Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

The UK Civil Aviation Authority (CAA) said the tour operator has "ceased trading with immediate effect".

It has also triggered the biggest ever peacetime repatriation aimed at bringing more than 150,000 British holidaymakers home
<snip>
BA thread BA involved in repatriation of Thomas Cook customers

AS Condor thread Condor (DE) Partnership Announced (3/20/2017)
Condor is owned by ThomasCook
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Old Sep 22, 19, 10:06 pm
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As Condor is owned by Thomas Cook, I still see them selling flights online as of now.

Will Condor cease all operations? Or while it is owned by Thomas Cook it will continue to operate and be owned by the liquidators?
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Old Sep 22, 19, 10:22 pm
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Originally Posted by roberto.triviani View Post
As Condor is owned by Thomas Cook, I still see them selling flights online as of now.

Will Condor cease all operations? Or while it is owned by Thomas Cook it will continue to operate and be owned by the liquidators?
For now they are operating all flights. They have applied for German-government-guaranteed loan to deal with liquidity issues.

I am booked on a Condor flight tomorrow, so I am monitoring this closely.
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Old Sep 22, 19, 10:33 pm
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A very sad day indeed. It is a great shame that something could not be done to save this company. My best wishes to the thousands of staff and undoubtedly many more in support companies that are affected.
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Old Sep 22, 19, 10:42 pm
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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.
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Old Sep 22, 19, 11:09 pm
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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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Old Sep 22, 19, 11:23 pm
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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 are/were more than an airline. I don’t have the breakdown, but I would guess the bulk of their business was packaged holidays. Their financial difficulties have been known for years. I think there are at least four airline subsidiaries... Thomas Cook UK, Thomas Cook Balearics, Thomas Cook Scandinavia, and Condor (Germany). According to media reports, all or some of the airlines themselves were actually profitable, but the packaged holiday business was dragging everything down due to an outdated business model relying heavily on brick and mortar travel agencies.

For now, at least Condor continues to operate. The UK airline has ceased operations. Not sure about the other two.
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Old Sep 22, 19, 11:35 pm
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Their UK aircraft are being impounded by the airports because of unpaid fees.
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