Thomas Cook Ceases Trading - Compulsory Liquidation (EDIT MON 23/9)

worldtraveller
worldtraveller Posts: 14,012 Forumite
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edited 23 September 2019 at 3:44AM in Overseas holidays & travel planning
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
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Comments

  • Browntoa
    Browntoa Posts: 49,298 Forumite
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    Some bond holders profit if it fails , speculators been buying them up
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  • bobblebob
    bobblebob Posts: 1,031 Forumite
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    Is there a chance they could go under? Just booked a holiday with them
  • worldtraveller
    worldtraveller Posts: 14,012 Forumite
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    According to The Telegraph, Thomas Cook has now secured an extra week to hammer out a rescue deal. A meeting had been scheduled for Wednesday to agree terms but is set to be pushed back until next week.
    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...
  • candygirl
    candygirl Posts: 29,455 Forumite
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    bobblebob wrote: »
    Is there a chance they could go under? Just booked a holiday with them

    I've got a flight to India, booked with them in Nov :(
    "You can't stop the waves, but you can learn to surf"

    (Kabat-Zinn 2004):D:D:D
  • Grezz24
    Grezz24 Posts: 232 Forumite
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    we have a family holiday booked with them and due to leave on the 27th this month! so doesnt leave long to sort anything out should they go under.

    I believe as we have ATOL protection we would get a refund but then its a rush to find somewhere else to go
  • Ganga
    Ganga Posts: 4,147 Forumite
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    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.
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
  • richardw
    richardw Posts: 19,458 Forumite
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    Was the Monarch story similar?
    Posts are not advice and must not be relied upon.
  • Alan_Bowen
    Alan_Bowen Posts: 4,848 Forumite
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    Although I have always warned against panic in relation to TC, things are certainly becoming more uncertain. All packages with air travel are ATOL protected. If anything happens, the CAA will arrange a flight home or tell you how to claim a refund if you have yet to travel.

    TC decided not to protect their flight only sales by ATOL so if you have just booked a flight on Thomas Cook Airlines then the CAA cannot help, although when Monarch failed the CAA were ordered to repatriate everyone as it clashed with the opening day of the Conservative Party Conference and they wanted that to be the TV headlines, not voters stranded across Europe. For those who believe in fate, the day when TC have to renew their ATOL licence is October 1st which I have just discovered is in the middle of the Conservative Party Conference again this year but TC is much much bigger than Monarch and I wouldn't hold up hope that the same will happen again.

    If you booked your flight with a debit card then the card issuer should offer a refund, if you used a credit card you are better protected, as they will, often reluctantly, cover the cost of alternative flights, which will probably be a lot more.

    However, let us just hope that everything works out in the next 10 days and we can all breathe again!
  • leylandsunaddict
    leylandsunaddict Posts: 1,923 Forumite
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    TC decided not to protect their flight only sales by ATOL so if you have just booked a flight on Thomas Cook Airlines then the CAA cannot help, /QUOTE]

    Airlines don't hold Atols. The CAA only insist they do if there are circumstances to suggest it is needed. Anyone that has booked flight only should have SAFI or supplier insolvency as part of their travel insurance.
  • Nicklyn
    Nicklyn Posts: 2 Newbie
    Hi,
    Seeking a little advise about the Thomas Cook situation. I have booked a package holiday with Thomas Cook to The Gambia in January of next year. Currently I have paid approximately £500 deposit and the final payment of £1,668 is due on October 1st 2019. I know I am covered by ATOL, howeverin my experience any refund would take weeks, maybe months to come through. So do I make the final payment and risk TC going under where I would have the situation of getting a refund eventually but having two weeks off in January and not being able to afford to go anywhere. Or do I cut my losses and use the money I have for the final payment to find another holiday. Any good advice is gratefully received. Thank you.
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