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  • FIRST POST
    • worldtraveller
    • By worldtraveller 15th Sep 19, 4:47 PM
    • 12,930Posts
    • 28,013Thanks
    worldtraveller
    0 WOW
    Thomas Cook Ceases Trading - Compulsory Liquidation (EDIT MON 23/9)
    • #1
    • 15th Sep 19, 4:47 PM
    0 WOW
    Thomas Cook Ceases Trading - Compulsory Liquidation (EDIT MON 23/9) 15th Sep 19 at 4:47 PM
    The beleaguered travel firm Thomas Cook will on Monday request a delay to a key bondholders’ meeting on Wednesday to try to maximise the chances of securing a £1.1bn emergency rescue package to help stave off imminent financial collapse.

    The company is involved in 11th-hour talks as it seeks to finalise the terms of the proposed restructuring agreement with the Chinese conglomerate Fosun, its lenders and bondholders.

    “We gather they will be applying for a bit of breathing or wriggle room in order to try to get the deal through,” an industry source said.

    The Guardian
    Last edited by worldtraveller; 23-09-2019 at 2:44 AM. Reason: Change in status of Thomas Cook
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
Page 4
    • bobblebob
    • By bobblebob 21st Sep 19, 7:35 AM
    • 657 Posts
    • 116 Thanks
    bobblebob
    Seeing as my holiday will almost certainly be cancelled now, what are TUI like financially? If they're nore secure will take my Thomas Cook quote in and ask them to match it
    • TonyM19
    • By TonyM19 21st Sep 19, 7:57 AM
    • 64 Posts
    • 12 Thanks
    TonyM19
    Quick check on Section 75 coverage. I have 3 flights booked with TC over the next 6 months. I booked with TC online but linked through to the flights from Skyscanner. Just checking that doesn't count as a 2nd party and I'm still covered.

    Checked how much to rebook with other airlines. Will cost me an extra £1k already before all the prices get ramped up.

    Sobering that such a big company are in such trouble.
    • nanto3girls
    • By nanto3girls 21st Sep 19, 8:00 AM
    • 5,293 Posts
    • 81,057 Thanks
    nanto3girls
    We are booked to go away with them next month,its a TUI holiday but they use TC flights,not worried as " they have been in trouble " for a while and still going.
    Originally posted by Ganga




    Same here. Booked Tui holiday but Thomas Cook flights.
    • Alan Bowen
    • By Alan Bowen 21st Sep 19, 8:19 AM
    • 3,358 Posts
    • 1,702 Thanks
    Alan Bowen
    If you have booked a TUI holiday then TUI will source an alternative flight if the airline ceases to trade.TUI are not in difficulties!
    • Westin
    • By Westin 21st Sep 19, 8:44 AM
    • 2,073 Posts
    • 1,520 Thanks
    Westin
    Seeing as my holiday will almost certainly be cancelled now, what are TUI like financially? If they're nore secure will take my Thomas Cook quote in and ask them to match it
    Originally posted by bobblebob
    Absolutely fine.

    You could certainly try the tactic of asking TUI to price match a TC holiday but I would keep in mind that should the worst happen to TC then there will be a sudden deluge of people looking to book replacement holidays. If anything pricing could increase as capacity is removed from the market and demand to cover lost holiday bookings increases.

    Perhaps use the weekend to look at your options for a TUI, Jet2 or other package holiday companies so that you are ahead of the pack should Thomas Cook sadly fail.
    • Westin
    • By Westin 21st Sep 19, 8:46 AM
    • 2,073 Posts
    • 1,520 Thanks
    Westin
    Quick check on Section 75 coverage. I have 3 flights booked with TC over the next 6 months. I booked with TC online but linked through to the flights from Skyscanner. Just checking that doesn't count as a 2nd party and I'm still covered.

    Checked how much to rebook with other airlines. Will cost me an extra £1k already before all the prices get ramped up.

    Sobering that such a big company are in such trouble.
    Originally posted by TonyM19
    Skyscanner is really just a price comparison site so they are not considered as an intermediary booking agent (referred to as 2nd party in your post).
    • Westin
    • By Westin 21st Sep 19, 8:48 AM
    • 2,073 Posts
    • 1,520 Thanks
    Westin
    Same here. Booked Tui holiday but Thomas Cook flights.
    Originally posted by nanto3girls
    Can’t see you will have any problem at all.

    I am sure TUI have contingency plans in place should they have to substitute TC flying with an alternative airline.
    • Alan Bowen
    • By Alan Bowen 21st Sep 19, 9:38 AM
    • 3,358 Posts
    • 1,702 Thanks
    Alan Bowen
    As Westin has hinted, if you are thinking of booking any holiday with one of the large operators, it may make sense to book now rather than wait and see what happens to TC. If, and again I emphasise if, it fails two and a half million holidays will disappear from the market and other companies will capitalise and increase their prices. So I suspect will Easyjet, Ryanair and the rest as there will be a lot fewer seats on planes for 2020
    • Baled
    • By Baled 21st Sep 19, 10:02 AM
    • 17 Posts
    • 3 Thanks
    Baled
    Hi. Can anyone help with my query please?

    My friends and I booked hotel only in a Thomas Cook shop as we already had flights booked with ryanair. We paid for the accommodation in full at the end of June. One friend paid in cash, I paid the rest by credit card.

    On the paperwork it says booking facilitated by Expedia and that TCCT Retail Ltd is acting as an intermediary.

    I have called Expedia, they want the telephone number associated with the booking. Thomas Cook have refused to give this and told me nothing will be certain until Friday 27th and to wait until then.

    I can only try calling the hotel now it seems just to be sure our accommodation is secure?

    I'm assuming TC would have paid the funds to Expedia by now?
    • Alan Bowen
    • By Alan Bowen 21st Sep 19, 10:23 AM
    • 3,358 Posts
    • 1,702 Thanks
    Alan Bowen
    It sounds as though TC simply acted as a travel agent, not the operator and your contract is with Expedia. They are not always the easiest to deal with but I suspect they will not give you any information unless TC fails, which I hope it doesn't.
    • Baled
    • By Baled 21st Sep 19, 10:33 AM
    • 17 Posts
    • 3 Thanks
    Baled
    Thanks Alan.

    I'm pretty hopeful but would just like to be sure. When I book my own holidays I never use travel agents but as friends were involved we thought it would be better this way...
    • Ganga
    • By Ganga 21st Sep 19, 11:06 AM
    • 1,806 Posts
    • 1,035 Thanks
    Ganga
    As Westin has hinted, if you are thinking of booking any holiday with one of the large operators, it may make sense to book now rather than wait and see what happens to TC. If, and again I emphasise if, it fails two and a half million holidays will disappear from the market and other companies will capitalise and increase their prices. So I suspect will Easyjet, Ryanair and the rest as there will be a lot fewer seats on planes for 2020
    Originally posted by Alan Bowen
    Cannot blame them really,i suspect most of the big players in the holiday industry rely on large numbers with small profit per head to sustain their business.
    I know this is MSE site but this might be the time to wake up to the fact that if prices dont rise in the future more companies will go to the wall
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
    • Baled
    • By Baled 21st Sep 19, 2:02 PM
    • 17 Posts
    • 3 Thanks
    Baled
    My friend went into the TC shop to ask them to confirm with Expedia that our accommodation is secure and paid for. They just kept telling her it will be fine but wouldn't ring Expedia so we just have to take their word for it. If TC survive I will certainly never use them again.
    • TonyM19
    • By TonyM19 21st Sep 19, 2:29 PM
    • 64 Posts
    • 12 Thanks
    TonyM19
    My friend went into the TC shop to ask them to confirm with Expedia that our accommodation is secure and paid for. They just kept telling her it will be fine but wouldn't ring Expedia so we just have to take their word for it. If TC survive I will certainly never use them again.
    Originally posted by Baled

    This will be the thing now for TC. I book 3 or 4 flights only per year and have regularly used TC. I wouldn't consider them again even if they come out of this in one piece. A least until they could prove that this wouldn't just happen again 6 months down the line
    • Ganga
    • By Ganga 21st Sep 19, 3:28 PM
    • 1,806 Posts
    • 1,035 Thanks
    Ganga
    [QUOTE=Baled;76297121]My friend went into the TC shop to ask them to confirm with Expedia that our accommodation is secure and paid for. They just kept telling her it will be fine but wouldn't ring Expedia so we just have to take their word for it. If TC survive I will certainly never use them again.[/QUOTE]

    So who will you use? the UK is running out of airlines,if you trawl this site you will find that most people who have a misshap of some sort always " swear they will never use xxx again " but when your choice is limited you sometimes have to swallow your pride.
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
    • Bedsit Bob
    • By Bedsit Bob 21st Sep 19, 3:30 PM
    • 10,681 Posts
    • 57,523 Thanks
    Bedsit Bob
    They're still advertising cruises on the radio.
    1984 WAS NOT AN INSTRUCTION MANUAL.

    Amount I have so far denied the BBC - £1308

    You can't be a Christian AND a Socialist.
    • Baled
    • By Baled 21st Sep 19, 3:59 PM
    • 17 Posts
    • 3 Thanks
    Baled
    Ganga, as I said earlier I don't use travel agents when booking my solo holidays, in fact I haven't used them in the last 8 years and I've been fortunate enough to go away at least twice a year.

    My friends preferred to use a travel agent on this occasion so that's the path we chose. Of course, nothing is absolutely guaranteed whatever way you book a holiday, online or in a shop but TC have not been very helpful to say the least so why would I give them my future business? When Virgin, Natwest, British Gas, to name a few, have treated me woefully in the past (and I'm talking decades ago) I have never used them again period.

    There is still choice when it comes to booking flights/holidays from the UK although, as it's already been said, it will cost more if TC go bump.
    • hawki
    • By hawki 21st Sep 19, 7:04 PM
    • 206 Posts
    • 459 Thanks
    hawki
    Hi, Does anyone know what time the planned meeting is on Friday?
    I have flight only booked for Friday!
    Thanks
    • Alan Bowen
    • By Alan Bowen 22nd Sep 19, 5:12 AM
    • 3,358 Posts
    • 1,702 Thanks
    Alan Bowen
    Never mind Friday, decisions are being taken this morning, Sunday at 0900. Regrettably optimism is in short supply at this stage but it's not over yet....
    • worldtraveller
    • By worldtraveller 22nd Sep 19, 5:12 AM
    • 12,930 Posts
    • 28,013 Thanks
    worldtraveller
    Hi, Does anyone know what time the planned meeting is on Friday?
    I have flight only booked for Friday!
    Thanks
    Originally posted by hawki
    IMHO, the situation will be made much clearer, one way or another, well before Friday. In fact there is a meeting at 9 am this morning between the largest shareholders and creditors. (EDIT: Cross posted with Alan above)

    Let's not forget that company Directors are at risk of personal liability and/or disqualification if they allow the company to trade whilst insolvent. Once a company is insolvent the directors owe a duty to the company to take care to protect the interests of its creditors above the interests of its members. That's again why, IMHO, the future will probably be clarified well before Friday.
    Last edited by worldtraveller; 22-09-2019 at 5:15 AM.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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