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Thread: Thomas Cook

  1. #1
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    Default Thomas Cook

    Thomas Cook needs £100 Million to survive

    http://news.sky.com/home/business/article/16115098

    I was going to search on whether Thomas cook does charter flights to Thailand, but I think that I will give that a miss.

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    I'm glad I didn't book my flights for January through Netflights (part of Thomas Cook group) whether they are ATOL bonded or not. You've still got to pay for another flight if they do go under.

    And getting your money back could take months.
    Last edited by the_link; 22nd Nov 2011 at 20:48.

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    Premium Member sisaket's Avatar
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    the chief executive has just been on channel 4 news ....... he says their not going under ....
    bangkok mags

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    Quote Originally Posted by sisaket View Post
    the chief executive has just been on channel 4 news ....... he says their not going under ....
    Well, that's settled then, they'll be gone within a month.

    I also watch C4 news, sisaket, and he was keen to point out about ATOL protection. Who's going to book a flight or holiday through them now.

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    The media finance gurus are saying that they won't go under because next year is almost guaranteed a profit year partly because of the market trends of their business and partly because they won't be paying a shareholders dividend.

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    Agree link the general public will ignore executives and directors comments and avoid like the plague effectively sealing their fate which the CEO will have no control over.

    As soon as the ratings agencies (Fitch in this case) mark them as suspect the City will panic, shares slide and hey presto plug hole time

    colin 244

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    Most people are not visiting the high street travel shops, but they are using the internet and booking their holidays on line.

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    Dont I have the right to be made privy to the financial status of a company that I buy services from?

    How can they be ONE BILLION pounds in debt? Why are they still alllowed to take peoples money? I dont have any real undersatnding on how big bussiness, or even bussinesses work, but this is just unreal.

    I appreciate that this information is probably available to all somewhere on the inter-web but I just dont understand how this is allowed to happen. It appears that they are able to run the company into the ground and then the government have to pick up the ATOL bill which I assume could be 10's if not 100's of millions of pounds (?).

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    Moderator Tobias's Avatar
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    Whilst its 'borrowings' may be near the £1bn level this does not mean the company is insolvent, indeed if it was heading that way the bank would not have increased the company's credit.

    What about the company's assets and future trading income?

    I wouldn't worry about this company, even if it did fail any monies paid will be returned.
    Tobias - โทเบียส

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    I agree insofar as monies being refunded, Tobias.

    As colin succinctly states, Fitch will almost certainly downgrade their credit rating, their margins will increase immediately, thereby the servicing of their loans will become astronomical.

    In the meantime, Thomas Cook seek a further £100M to stay afloat, and if they're lucky enough to convince the banks to lend, they will be charged an inflated margin by default due to the risk. And all the time they have to service their existing debt and pay their staff. It doesn't take a rocket scientist to calculate £100M will last about, ermmm, five minutes.

    Only a lunatic would entrust their hard earned to Thomas Cook and they now find themselves in a very vicious circle.

    Theo raises a fair and valid point. Why continue to flog a dead horse, all the while taking unsuspecting members of the public monies with you while your company disappears down the plughole, though there won't be many spending anyway.

    Assets? Every chance of being sold in a fire sale for £1. Future trading income? What trading income.

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    An interesting response the_link, but a very simplistic perspective.
    Tobias - โทเบียส

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    Thanks, Tobias, but with the outlook being so very bleak, how do you see Thomas Cook surviving and an estimated 33,000 staff to remunerate.

    Let's also consider, as yet, nothing being confirmed as to refinancing.

    I know you are not a betting man, Tobias, but sure even your goodself wouldn't bet a tenner on a positive outcome.

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    indeed if it was heading that way the bank would not have increased the company's credit.
    Aren't the banks (after the inland revenue) the only guaranteed people to be paid when a company goes into insolvency. The rest need to share out the dregs.

    If the banks think the company is OK that is fine, their judgment regarding loaning to Greece, Italy and Iceland has so far proved faultless. To say nothing of their judgment in anything from mortgage loans to loaning to Donald Trump.

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    Link,

    Although Barclay's HSBC AND 15 other banks propped them up today they are greedily eying the assets they can sell ie the airline and lets face it £100M to TC is a lot but to these banks small change (the bonus pot is well in excess of this figure )

    TC will crash for reasons I posted before or will be snapped up by the so called supporting banks who will no doubt sell to TUI (German) or an capital equity consortium who don't care about customers only a return on their investment. This will leave either the government to buy another toxic debt (and ultimately you and I as taxpayers)or sold for tuppence or the likes of PriceWaterhouse etc chopping it up.

    Mr T,

    With respect Sir,

    I work in the Finance/Insurance/Stock Market circles and this is the general view although yes ATOL/ABTA will step in for holiday makers but it takes eon's to pay compensation out

    colin 244 (an observation )

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    TUI as I predicted are sniffing around TC

    colin 244

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    Forum Antiquity ของโบราณ dan&ploy's Avatar
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    Free beach towel with every holiday.

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    Priority to German passengers dan as with the Euro thing they are on the march Hello Obama and special relationship?

    colin 244

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    Col, the vultures are circling, and no way in this world TUI will buy Thomas Cook outright. They'll just pick over the meatiest bones.

    What's left will be worthless and the demise of TC will be complete.

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    Quote Originally Posted by dan&ploy View Post
    Free beach towel with every holiday.
    With a 'place on sunbed before 6AM' tag on it.

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