Biggest peacetime repatriation in UK history will now get people home. Very concerning time for Thomas Cook staff & customers. "Clearly, that’s a lot of taxpayers’ money and sets up, as people will appreciate, a moral hazard in the case of future such commercial difficulties that companies face," adding "It is a very difficult situation, and obviously our thoughts are very much with the customers of Thomas Cook, the holidaymakers, who may now face difficulties getting home." Speaking to reporters on his way to the UN General Assembly in New York, UK Prime Minister Boris Johnson said that the government was unable to help the travel firm, for example by agreeing to the requested £200 million bail out, as it could set a dangerous precedent for other firms facing financial difficulties. Thomas Cook must find an extra £200m, they said, or the restructuring could not go ahead." The debt-for-equity swap would wipe out of £1.7bn of loans, allowing the company to make its interest payments during the barren winter, when less cash comes in because bookings are low," wrote the Guardian's Rob Davies, adding "Then, in what one person familiar with the talks described as a bolt from the blue, came a shock demand from its banks, state-owned RBS chief among them. "Just three weeks ago, the tour operator looked to have secured a £900m rescue package – half provided by Chinese tourism business Fosun, the rest by a mixture of banks and hedge funds. The collapse of the tour operator comes just weeks after it seems to have secured a £900 million rescue package. Describing the fiscal footing of the firm, Fankhauser concluded "In simple terms the company will run out of cash by October 4th." The papers, filed by former chief exec Peter Fankhauser also show that Thomas Cook's balance sheet shows a deficit of £3.1 billion, while cash reserves amount to less than £1 million and bank account balances total around £31.2 million. According to insolvency documents submitted by the travel firm, Thomas Cook's current liabilities amount to almost £500 million. Visit: /BxJMv5Yaw1- UK Civil Aviation Authority September 23, 2019įacing financial difficulties, Thomas Cook was unable to secure a £200 million bail out from the UK government to meet creditor demands following a weekend of crucial talks with shareholders and creditors. Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect.Īll #ThomasCook bookings, including flights and holidays, have now been cancelled. As many as 600,000 passengers are thought to have been affected with around 150k British holidaymakers stranded abroad when the travel giant collapsed. The largest repatriation effort since World War 2 continues following the collapse of tour operator Thomas Cook in the early hours of Monday morning.
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