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  • FIRST POST
    • worldtraveller
    • By worldtraveller 15th Sep 19, 4:47 PM
    • 12,930Posts
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    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 3
    • worldtraveller
    • By worldtraveller 20th Sep 19, 4:46 AM
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    worldtraveller
    Thomas Cook told extra £200m needed to seal rescue
    Travel firm Thomas Cook has been hit with a last-minute demand to find £200m in extra funding in order to secure its future.

    The troubled operator hoped to seal a rescue led by China's Fosun this week.

    But Thomas Cook's banks are insisting the cash-strapped travel firm must come up with the new contingency funds, in case it needs extra finance to draw on during the winter months.

    Without the rescue, the firm is likely to collapse.

    That would leave 150,000 British holidaymakers stranded, and require the Civil Aviation Authority to repatriate them at an estimated cost of £600m, an industry insider said.

    The firm employs 22,000 staff, 9,000 of those in the UK. It serves 19 million customers a year in 16 different countries.

    BBC News
    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...
    • soxmon
    • By soxmon 20th Sep 19, 7:26 AM
    • 1 Posts
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    soxmon
    We have a Thomas Cook airlines flight booked as a single return flight from our holiday only. We fly out with BA on 29th Sep. If they do fail before we are due to fly out, would travel insurance and/or credit card protection cover us for a replacement return flight if we go ahead and fly out with our BA flight?

    If you are covered through travel insurance/credit card protection would that mean they would pay for a replacement flight to get you home or would they simply refund the cost of your original failed flight and expect you to pay the cost for a replacement (which would now be much more expensive given the short notice)?
    • DCFC79
    • By DCFC79 20th Sep 19, 7:29 AM
    • 35,065 Posts
    • 22,162 Thanks
    DCFC79
    We have a Thomas Cook airlines flight booked as a single return flight from our holiday only. We fly out with BA on 29th Sep. If they do fail before we are due to fly out, would travel insurance and/or credit card protection cover us for a replacement return flight if we go ahead and fly out with our BA flight?

    If you are covered through travel insurance/credit card protection would that mean they would pay for a replacement flight to get you home or would they simply refund the cost of your original failed flight and expect you to pay the cost for a replacement (which would now be much more expensive given the short notice)?
    Originally posted by soxmon
    Ask your insurance provider.
    • worldtraveller
    • By worldtraveller 20th Sep 19, 7:52 AM
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    worldtraveller
    There is some more general information HERE on the MSE News site. It doesn't, and can't possibly, cover all eventualities, but should hopefully be useful for most people.
    Last edited by worldtraveller; 20-09-2019 at 7:56 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...
    • Alan Bowen
    • By Alan Bowen 20th Sep 19, 8:23 AM
    • 3,358 Posts
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    Alan Bowen
    OK, the news this morning isn't the greatest but here is the best advice I can give now. If you already have an ATOL Certificate you can be certain that the CAA will bring you home on the same day as you were due to return if anything goes wrong, so if you are due to travel shortly, go ahead and enjoy your holiday. You will not be stranded abroad, if you haven't travelled, you will get a refund.

    If you have booked a flight only, these are not protected by the ATOL scheme so you need to look for alternative cover. Paying any part of the cost by credit card should ensure you get a refund if you haven't travelled and the cost of returning home if you are abroad. However, the bank will not make the arrangements for you. If you paid by debit card then you should get a refund, but not a penny more, unlike credit cards that should cover additional costs.

    If you already have an insurance policy look and see if airline failure cover is included, it generally isn't except in the more expensive policies. Some agents will sell protection as a matter of course, in which case contact them if TC fails. If you currently have no cover against airline failure, no insurer that I can find is still offering cover, for fairly obvious reasons.

    And of course, let us hope none of this is necessary!
    Last edited by Alan Bowen; 20-09-2019 at 12:56 PM.
    • alihunny
    • By alihunny 20th Sep 19, 8:49 AM
    • 1 Posts
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    alihunny
    We are due to fly out tomorrow - Flights with easyjet, hotel with Thomas Cook. I'm guessing that we can get home OK, but could we be asked to pay for the hotel again whilst we are out there? We have an ATOL certificate so can claim it back.
    • Alan Bowen
    • By Alan Bowen 20th Sep 19, 10:06 AM
    • 3,358 Posts
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    Alan Bowen
    alihunny, you should be fine. Flights are paid for, and the hotel probably is too. If not, call the CAA on the number shown on the ATOL Certificate (so bring it with you just in case) and they may pay the hotel directly or you can get a refund if you keep the receipts. Of course, TC is still trading and there is no failure at all
    • bobblebob
    • By bobblebob 20th Sep 19, 10:16 AM
    • 657 Posts
    • 116 Thanks
    bobblebob
    Even if they go into administration this weekend, if the buyout happens they can come out of it
    • James-may
    • By James-may 20th Sep 19, 10:25 AM
    • 17 Posts
    • 8 Thanks
    James-may
    Obviously I'm hoping for the best not just for customers like me but all the staff, but I'm trying to work out where I stand here if all goes south.

    I have paid approx 70% of a holiday leaving in Feb.
    Booked via Thomas Cook and have an atol cert for it.
    I have insurance but only basic and apparently doesn't cover travel company going out of business.
    I paid a one off payment of £400 on a credit card, and the rest is on DD via my current account.

    Obviously my first port of call in worst case scenario is atol, but am I covered for what I paid so far via atol? Or am I only covered once I pay whole holiday amount?

    I mean if rather keep the holiday and actually go away as if TC go under they are the only operator who fly's my route, and by the time I get my money back, factor in travelling to another airport in another city, and the inevitable price increase that will happen from the other operators knowing folk are desperate to get away, and that I have an exact 14 days off work with no flexibility would mean I probs wouldn't be going away.

    Be good if you could keep the flight booking in place if it gets taken over, then you could book hotel independently.

    I know no one has a crystal ball, but if anyone knows how it works with atol claims before I've paid in full that would be great.
    • bobblebob
    • By bobblebob 20th Sep 19, 10:30 AM
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    • 116 Thanks
    bobblebob
    You can claim for anything you paid so far through ATOL
    • Ststina
    • By Ststina 20th Sep 19, 12:40 PM
    • 2 Posts
    • 0 Thanks
    Ststina
    We got insurance with post over that covers airline failure. It does have a clause for knowing about the failure before hand and the insurance being void but we also have a 14 day refund. We had flights only booked didn’t want to lose 3k insurance is expensive cause if medical issues but I had to put it on my credit card. I hope they don’t go buss and we can still go on holiday in February
    • Alan Bowen
    • By Alan Bowen 20th Sep 19, 1:04 PM
    • 3,358 Posts
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    Alan Bowen
    James-may, as has been said if the business fails, you will get back what you paid but that is all. If TC was the only airline flying the route then obviously that will not be available. It might be worth checking your ATOL Certificate to make sure your contract is actually with TC, they sold around 70 other operators as well, some of whom used the airline as part of the package. If the company is not TC but a different operator, someone mentioned US Airtours before who I know use TC flights from Manchester to the US for example, your holiday will still go ahead on a different airline.

    Unfortunately, if the company does go into administration this weekend, the CAA have no choice but to terminate their ATOL licence, there is no second chance
    Last edited by Alan Bowen; 20-09-2019 at 2:21 PM.
    • worldtraveller
    • By worldtraveller 20th Sep 19, 1:12 PM
    • 12,930 Posts
    • 28,013 Thanks
    worldtraveller
    There is some more general information HERE on the MSE News site. It doesn't, and can't possibly, cover all eventualities, but should hopefully be useful for most people.
    Originally posted by worldtraveller
    **UPDATED INFORMATION & ADVICE ON MSE NEWS TODAY, INCLUDING THE LIKES OF ATOL & ABTA PROTECTIONS, SEC. 75 CARD PROTECTION, PACKAGE HOLIDAY BOOKINGS, DIY PACKAGES, HOLIDAY ONLY BOOKINGS, FLIGHT ONLY BOOKINGS, TRAVEL INSURANCE COVERAGE & GIFT CARDS HERE

    MSE News - Thomas Cook worries? Here's what you need to know

    Also,

    BBC News - Thomas Cook: Your questions answered
    Last edited by worldtraveller; 20-09-2019 at 2:41 PM.
    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...
    • VWPolecat
    • By VWPolecat 20th Sep 19, 2:18 PM
    • 82 Posts
    • 151 Thanks
    VWPolecat
    I am hoping for a decision this week so I can book an alternate flight . My concern is they may sell off the Thomas Cook airline, and flight only customers will have no clear way forward.
    • Alan Bowen
    • By Alan Bowen 20th Sep 19, 2:22 PM
    • 3,358 Posts
    • 1,702 Thanks
    Alan Bowen
    The problem is that without the tour operator, who buys most of the seats on the short-haul routes, there is no market for the airline. This summer there have been too many seats in the marketplace so I don't think anyone will buy the airline alone, they are dependent on each other
    • candygirl
    • By candygirl 20th Sep 19, 7:36 PM
    • 27,563 Posts
    • 117,434 Thanks
    candygirl
    I'm debating whether to just risk it, n book another flight just in case, cos there's hardly any left for when I'm going
    "You can't stop the waves, but you can learn to surf"

    (Kabat-Zinn 2004)
    • shayne66
    • By shayne66 20th Sep 19, 8:01 PM
    • 52 Posts
    • 6 Thanks
    shayne66
    Shayne66, you appear to have a contract with USAirtours, a very good operator and although you may be asked for proof of payment to TC by the company, your holiday should be unaffected!
    Originally posted by Alan Bowen
    Yes, managed to email and speak to USAirtours who have said that in the event of worse case scenario then they would themselves take full control of the holiday and deal with me directly from then onwards.
    • Westin
    • By Westin 20th Sep 19, 10:12 PM
    • 2,073 Posts
    • 1,520 Thanks
    Westin
    It appears that the CAA have initiated contingency plans should the worst happen with TC.

    Under the name of ‘Operation Matterhorn’ a number of airlines have been lined up to operate rescue flights. These include charters from other U.K. and European airlines, plus two US charter carriers.

    The charters would help with the gradual repatriation of impacted Thomas Cook holidays customers under the ATOL scheme.

    The CAA took similar steps prior to the demise of Monarch and got some negative press at the time for ‘wasting’ tax payers money for chartering aircraft several weeks before Monarch failed.

    Thomas Cooks current ATOL licence is due for renewal 1 October.
    • LtJRiddle
    • By LtJRiddle 20th Sep 19, 10:29 PM
    • 1 Posts
    • 0 Thanks
    LtJRiddle
    We booked a city break through the Thomas Cook website for December 2019 and are obviously concerned by recent events. Checking our ATOL certificate though it doesn't reference Thomas Cook but instead references Expedia Inc; does this mean our break is handled by Expedia and not Thomas Cook? Fingers crossed for holiday makers and staff alike that this crisis can be averted.
    • candygirl
    • By candygirl 21st Sep 19, 12:45 AM
    • 27,563 Posts
    • 117,434 Thanks
    candygirl
    https://news.sky.com/story/thomas-cook-gives-up-hope-of-private-rescue-amid-city-blame-game-11815380
    Not very optimistic now
    "You can't stop the waves, but you can learn to surf"

    (Kabat-Zinn 2004)
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