Thomas Cook ceases trading.

Just now from the BBC, awaitng online link to follow*.

Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.

* Only link so far,
www.walesonline.co.uk...

Finally the Beeb's late-ish online, announcement,
www.bbc.co.uk...

a reply to: smurfy

..... the British Government has already declined to bail out the travel company.

Of course, they aren't a bank.

Don't know how they got in such a mess but no doubt someone somehow will make a shed load of money out of other people's misfortune.

originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.

Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.

www.walesonline.co.uk...

This seems all of a sudden. Was there news leading up to this about them being in any financial trouble? I follow the airline business closely and this hasn't come up in my news feeds.

originally posted by: Freeborn
a reply to: smurfy

..... the British Government has already declined to bail out the travel company.

Of course, they aren't a bank.

Actually they are a bank in part....a very big one at that, which they did bail out..in a very big way, Ever heard of RBS?
Of course I know where you are coming from, and it ain't Britain.
I'll add to that the actual cost of bringing the folk home is in this order,

Bringing them home if Thomas Cook collapses – and reimbursing holidaymakers for future bookings – could cost as much as £600m.' et al, not the paltry sum of £250 million asked for from my government to keep them going,

"Bringing them home if Thomas Cook collapses – and reimbursing holidaymakers for future bookings – could cost as much as £600m. Some of the cost would be met by the industry-funded Atol scheme, a safety net that covers package holidays. Much of it, including bringing flight-only customers back, would be on the taxpayer."
www.theguardian.com...



More info from The Express...yuck, newspaper,

www.express.co.uk...

originally posted by: LogicalGraphitti

originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.

Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.

www.walesonline.co.uk...

This seems all of a sudden. Was there news leading up to this about them being in any financial trouble? I follow the airline business closely and this hasn't come up in my news feeds.

They have been in trouble for some time now, the oldest package company in the world a victim of all sorts of problems, political, demographics, and probably BREXIT too.

Notably, RBS, one of the banks too big to fail, is one of the banks demanding the £200 million to have kept them afloat. #ty stuff in nit?

a reply to: smurfy

Its troubling that all these established businesses are struggling so badly, the global economy is really struggling.

originally posted by: smurfy
Just now from the BBC, awaitng online link to follow*.

Most users though should be protected by the ATOL Member agreement, however that would be a pretty huge monetary commitment, further to that, the British Government has already declined to bail out the travel company, while there is a hint that they will repatriate travellers caught up in the matrix.

* Only link so far,
www.walesonline.co.uk...

Finally the Beeb's late-ish online, announcement,
www.bbc.co.uk...

The biggest surprise here is that Walesonline was on the ball for once.

Thomas Cook and I’m certain others have been hit by a number of factors ...

hey include a decline in bookings, uncertainty surrounding Brexit, the rise of low-cost airlines, online travel agents and people who simply put together their own holidays without a travel agent.

www.walesonline.co.uk...

Bobs corner market dont get no bailout..why should anyone else? Companies that big just arent agile enough to adapt . And what happens in 6 months when they have burned thru that 200 mil? Another bailout?

Just need to make sure management get zero money from this.

originally posted by: smurfy
They have been in trouble for some time now, the oldest package company in the world a victim of all sorts of problems, political, demographics, and probably BREXIT too.

Notably, RBS, one of the banks too big to fail, is one of the banks demanding the £200 million to have kept them afloat. #ty stuff in nit?

Lol!!!!! I wondered how long it would be before *Brexit* got blamed

5hit happens all the time......anyone remember 'Clarksons' first holiday

company to take a hit? More years ago than I care to remember I was in

Spain then (before the EU ) when they folded.........



Banks now have a safety system where the average customer doesn't lose

everything ........ Didn't exist when Northern Rock went down!!!!

Quote I read earlier was:

As others have said, it's just kicking the can down the road. I'm an insolvency lawyer. For a company that size to go straight into compulsory liquidation, without putting an administrator in first is indicative of one thing only; it was well and truly fcuked. For it to happen over night, which means an emergency application to the judge, without any of the mandatory procedure for a winding up petition (e.g. mandatory advertisement in the Gazette so all creditors can have their say), can only mean the level of fcukedness was far beyond terminal.

A company saying to a judge "the reason we've got your lordship out of bed on a Sunday night is because we don't want planes in the air when the winding up order is made" would be told to come back in the morning and in the meantime tell their pilots not to take off. A much more likely reason for wanting and getting the winding up order on short notice is that when the banks opened on Monday morning, defaults would be triggered allowing secured creditors to start taking stuff.

a reply to: RexKramerPRT

In a nutshell not enough people can afford travel so the travel agent is broke....

Clearly the solution here is to let the rich get richer so the trickle down trickles faster...

a reply to: hopenotfeariswhatweneed

The market has changed. A lot of people now book flights and accommodation themselves. Other operators have adapted whereas Thomas Cook were saddled with huge debt after failed acquisitions. The name may live on eventually but it's high street presence will disappear.

a reply to: RexKramerPRT

Your probably right, so just another business that couldn't keep up with a changing technological landscape.

However I have a hunch my statement is still relevant.

a reply to: hopenotfeariswhatweneed

No doubt those at the top will have been handsomely rewarded for ruining a 178 year old company that started package holidays.

a reply to: LogicalGraphitti

Earlier Sunday some travelers on holiday in Tunisia were held hostage due to their unpaid hotel bills.

news.sky.com...

Could be a part of something larger as its a bit unusual.

a reply to: smurfy

Cannot help but feel for the folks heading off on holiday this morning...



Not to mention the staff too. What a mess.

originally posted by: hopenotfeariswhatweneed
a reply to: RexKramerPRT

In a nutshell not enough people can afford travel so the travel agent is broke....

Clearly the solution here is to let the rich get richer so the trickle down trickles faster...

I can't speak for Britain, but in the US I am traveling more than ever. For the first time 2 years ago I looked into a travel agent I get a discount with because of my job. When I told them the deal I had secured myself they told me to enjoy my vacation they would never match it even with my discount.

originally posted by: XXXN3O
a reply to: smurfy

Cannot help but feel for the folks heading off on holiday this morning...

Not to mention the staff too. What a mess.

Agreed.........and I bet all those at the top of the Thomas Cook company,

managing directors etc. have taken out their mega bonus's before all

this happened?

originally posted by: OccamsRazor04

originally posted by: hopenotfeariswhatweneed
a reply to: RexKramerPRT

In a nutshell not enough people can afford travel so the travel agent is broke....

Clearly the solution here is to let the rich get richer so the trickle down trickles faster...

I can't speak for Britain, but in the US I am traveling more than ever. For the first time 2 years ago I looked into a travel agent I get a discount with because of my job. When I told them the deal I had secured myself they told me to enjoy my vacation they would never match it even with my discount.

I'm happy for you I really am, however you keep saying that the economy is doing great because your circumstances reflect that much, so you travel a lot too.

Curiously what percentage of the population in America share your experience?

originally posted by: RexKramerPRT
a reply to: hopenotfeariswhatweneed

No doubt those at the top will have been handsomely rewarded for ruining a 178 year old company that started package holidays.

No doubt...