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A chance for private pilots to make some money (Thomas Cook goes bust)?

JasonC wrote:

Yeah but TC will have no real assets.

Just quoted on a radio report that the Turkish leisure industry are into it for 60 million plus, and Crete have likened it to a 7.5 financial earthquake. Oh dear…..

Ultimately there will be winners and losers, staff I feel for although in the same radio report an ’’expert’’ states that staff will not lose financially with the government paying their wages, redundy et al. Has something changed in our country that I missed?

Fly safe. I want this thing to land l...
EGPF Glasgow

Back into topic, this is not the volcanic ash which grounded all commercial flights – A business class ticket last minute on another airline (or even pooling for a private jet) is likely to be cheaper (and better for instagram ) then getting someone to pick you up from spain / greece on a 182.

Actually, prices for UK inbound airline tickets bumped up a bit after TC collapse but still way cheaper than C182

Last Edited by Ibra at 23 Sep 13:28
Paris/Essex, France/UK, United Kingdom

Hmm. After lots of fuzz and standstill yesterday, all the Scandinavian/Nordic subsidiaries of TC will continue normal operation today. They are all healthy companies, making money. This includes Ving, Spies, Tjäreborg, Globetrotter and the airline company Thomas Coook Airlines Scandinavia. Better park that C182

The elephant is the circulation
ENVA ENOP ENMO, Norway

On Sky News yesterday all TC aircraft had been grounded and all crew laid off .
Also on Sky News last night the UK Government department responsible for bringing stranded customers home are struggling to find enough planes and crew to avoid long delays. Go figure.

France

Condor, a TC affiliate has received German government assistance through a bridging loan. No doubt the bridging loan was more creditworthy (seniority of claim, viability of a downstream operating affiliate), than the request to the UK government to assist TC (equity bail out, holding company, etc).

Hopefully no conspiracy theories on EU spring from this, but it sort of begs the question whether the German government is much more savvy at negotiating properly secured pre bankruptcy assistance than our esteemed (open brackets, close brackets) government.

Oxford (EGTK), United Kingdom

I must admit it puzzled me why the CAA did not simply pay the bankruptcy administrators of TC to carry out the necessary flights instead of chartering from 3rd parties

EHLE / Lelystad, Netherlands, Netherlands

Has something changed in our country that I missed?

Not really. I’ve been in business since 1978, have seen loads of customers go bust, and in every case the payout to unsecured creditors was 0 (zero). Various reasons for this… one (normal in small companies, not the size of TC) being that the management can see it coming and they clean out the cupboards for themselves Business has rarely had an excess of ethical behaviour…

I heard yesterday that TC were paying hotels 90 days in arrears. This is normal for large companies. Many like to shaft their suppliers with 120 days.

There are many sad aspects to this. However, many hotels have avoided taking direct bookings because the likes of TC would comfortably fill their rooms, 100 at a time. It’s a bit like airports losing airline business and suddenly having to be nice to GA.

Administrator
Shoreham EGKA, United Kingdom

US bankruptcy under Chapter 11 give unsecured creditors strong governance rights (unsecured creditors’ committee to a large extent becomes the new board), with attendant negotiating strength with respect to lenders. They approve the debtor in possession finance and either assist in presenting re organisation plans, or assist in deciding which one to adopt.

Perhaps the UK business landscape might be less littered with failure with a more sensible approach to large scale commercial bankruptcies.

Oxford (EGTK), United Kingdom

…and ripping off unsecured creditors on the eve of bankruptcy is subject to clawback, and potentially criminal indictment.

Oxford (EGTK), United Kingdom
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