Thomas Cook on the edge of bankrupcy

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boeingboy
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Thomas Cook on the edge of bankrupcy

Post by boeingboy »

https://www.msn.com/en-gb/money/other/t ... spartanntp

Looks like another may go down hard. Lets hope for the best.

The Civil Aviation Authority (CAA) and Department for Transport (DfT) are being kept in close touch with the talks about Thomas Cook's future, and are understood to have begun drawing up contingency plans including the leasing of aircraft required to repatriate customers.
If the company was to fail in the coming days, it would trigger an operation to fly home well over 150,000 Britons who are abroad on Thomas Cook holidays.
Several hundred thousand people from other European countries are also current customers of the group at scores of vacation destinations.
It would be the biggest-ever repatriation operation involving the customers of a British-based company, and in terms of UK citizens would be significantly larger than the 2017 collapse of Monarch Airlines.
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corethatthermal
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Re: Thomas Cook on the edge of bankrupcy

Post by corethatthermal »

ALL the aviation regulatory agencies across the globe need to withhold ample amounts of $ in trust for just a situation because the CEOs are selfish scum and don't give a damn about stranded customers and foreplanning !!
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Eric Janson
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Re: Thomas Cook on the edge of bankrupcy

Post by Eric Janson »

This is just the beginning imho.

2 French Airlines are in trouble - one has ceased operations and the other has stopped ticket sales.

Plenty of other Airlines around the World in serious financial trouble.

Couple of Pilots posting on PPRuNe who are former Monarch then Primera Pilots now working at Thomas Cook.
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sanjet
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Re: Thomas Cook on the edge of bankrupcy

Post by sanjet »

Global slowdown has begun. Leisure airlines are always the first to go (less vacations). Hold on to your seats folks.
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ikarus
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Re: Thomas Cook on the edge of bankrupcy

Post by ikarus »

Apparently Adria Airways (Slovenia) is on the edge as well.

Two planes repossessed by lessors yesterday. Apparently a third one is on the way out.

https://www.total-slovenia-news.com/bus ... nt-default
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Re: Thomas Cook on the edge of bankrupcy

Post by Old fella »

ikarus wrote: Sun Sep 22, 2019 1:35 am Apparently Adria Airways (Slovenia) is on the edge as well.

Two planes repossessed by lessors yesterday. Apparently a third one is on the way out.

https://www.total-slovenia-news.com/bus ... nt-default
Always been happening as long as I can remember, these ultra low cost carriers spring up like dandelions on your lawn and disappear just a quickly. There are countless examples in every country/continent. Few yrs time another batch show up with leased aircraft doing same thing. Decades back Gander NL was the famed fueling spot for those old clapped out DC-8 61 series ac from the shoe-string American charter outfits, every few months same aircraft but different logo and paint, plenty of times it was cash or money transfers directly for fuel- no credit. Just a cycle. 😏😏
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Re: Thomas Cook on the edge of bankrupcy

Post by North Shore »

According to The Guardian, talks fell through at 2100 BST this evening, and so they're done...largest peacetime repatriation in British history.

https://www.theguardian.com/business/20 ... d-collapse
Thomas Cook was heading into insolvency on Sunday night as the world’s oldest holiday company faced a collapse that will strand 150,000 UK holidaymakers overseas and put 9,000 British jobs at risk.

Flights were pulled from booking websites at around 10pm after all-day talks failed to produce a £200m lifeline to keep the firm afloat.

The government and the aviation regulator have triggered the UK’s largest ever peacetime repatriation – codenamed Operation Matterhorn – to bring holidaymakers home.

It is understood that the official administration will take place at about 3am on Monday, when the largest number of the 94-strong fleet of planes are on the ground.
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Re: Thomas Cook on the edge of bankrupcy

Post by digits_ »

I believe they had operations in different countries as well. Is it the whole Thomas Cook brand/operation that is bankrupt, or only the UK side of things?
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Re: Thomas Cook on the edge of bankrupcy

Post by atpilot »

Unfortunately, Thomas Cook has ceased operations.
https://www.cbc.ca/news/business/thomas ... -1.5293193
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PostmasterGeneral
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Re: Thomas Cook on the edge of bankrupcy

Post by PostmasterGeneral »

Oh well.

It’s just business. Capitalism at work.
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Re: Thomas Cook on the edge of bankrupcy

Post by 7ECA »

PostmasterGeneral wrote: Sun Sep 22, 2019 7:44 pm Oh well...
You might've felt a bit different if you were among the 22,000 employees getting the sack.
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boeingboy
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Re: Thomas Cook on the edge of bankrupcy

Post by boeingboy »

So - I wonder what happenes to Air Transats A-320/321's?

They had a bunch on lease from Thomas cook while awaiting delivery of their own A320 Neo's. Do they get repossessed right away?
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Re: Thomas Cook on the edge of bankrupcy

Post by flyinhigh »

boeingboy wrote: Sun Sep 22, 2019 8:23 pm So - I wonder what happenes to Air Transats A-320/321's?

They had a bunch on lease from Thomas cook while awaiting delivery of their own A320 Neo's. Do they get repossessed right away?
They get a bunch of 321s from them in the winter months, I don’t believe any of the ones they have now are leased.

With that said, Transat would essentially be paying the lease, therefore I wouldn’t see any lessor taking the AC.
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Eric Janson
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Re: Thomas Cook on the edge of bankrupcy

Post by Eric Janson »

boeingboy wrote: Sun Sep 22, 2019 8:23 pm So - I wonder what happenes to Air Transats A-320/321's?

They had a bunch on lease from Thomas cook while awaiting delivery of their own A320 Neo's. Do they get repossessed right away?
That would depend how the contract and the lease is set up. Repossession is certainly a possibility.
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Re: Thomas Cook on the edge of bankrupcy

Post by Duke Point »

I'm sure there are emergency meetings going on right now at AC and Transat. I'd bet that those 320's (if they're any good) might be purchased outright by Transat with AC capital just to prevent route disruptions. UK creditors cant do much quickly if they stay under the Canadian sphere of influence. I'm sure flights to the British territories down south are being looked at as reposession on British soil is more likely.

Transat fleet problems are now AC's problems to a degree.

Very sorry for the tens of thousands now out of work. This industry can be brutal.

DP.
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Re: Thomas Cook on the edge of bankrupcy

Post by GATRKGA »

Duke Point wrote: Mon Sep 23, 2019 8:35 am I'm sure there are emergency meetings going on right now at AC and Transat. I'd bet that those 320's (if they're any good) might be purchased outright by Transat with AC capital just to prevent route disruptions. UK creditors cant do much quickly if they stay under the Canadian sphere of influence. I'm sure flights to the British territories down south are being looked at as reposession on British soil is more likely.

Transat fleet problems are now AC's problems to a degree.

Very sorry for the tens of thousands now out of work. This industry can be brutal.

DP.
Interesting angle. Do you think Air Transat would go buying airplanes when AC doesn't own them yet? What would they do with those extra planes if the transaction didn't go through? It's not like AC needs any more 321's. Air Transat certainly doesn't need narrow body assets right now. They're losing money every quarter.
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Re: Thomas Cook on the edge of bankrupcy

Post by rudder »

I have not had a look at the TC financials but my guess is that vast majority of the fleet was leased vs owned.

AT/AC will have to enter into dialogue with the actual aircraft owners if they want to secure leases. And I suspect the owners will be looking for long term lease customers not seasonal or short term.

I could see AC taking a good look at the 330’s. AT was using the TC 321’s as a bridge to the NEO deliveries so not sure what would be doable for them.
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Re: Thomas Cook on the edge of bankrupcy

Post by tsgas »

corethatthermal wrote: Thu Sep 19, 2019 7:14 pm ALL the aviation regulatory agencies across the globe need to withhold ample amounts of $ in trust for just a situation because the CEOs are selfish scum and don't give a damn about stranded customers and foreplanning !!
Spoken like a true communist activist.
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Re: Thomas Cook on the edge of bankrupcy

Post by tsgas »

GATRKGA wrote: Mon Sep 23, 2019 9:13 am
Duke Point wrote: Mon Sep 23, 2019 8:35 am I'm sure there are emergency meetings going on right now at AC and Transat. I'd bet that those 320's (if they're any good) might be purchased outright by Transat with AC capital just to prevent route disruptions. UK creditors cant do much quickly if they stay under the Canadian sphere of influence. I'm sure flights to the British territories down south are being looked at as reposession on British soil is more likely.

Transat fleet problems are now AC's problems to a degree.

Very sorry for the tens of thousands now out of work. This industry can be brutal.

DP.
Interesting angle. Do you think Air Transat would go buying airplanes when AC doesn't own them yet? What would they do with those extra planes if the transaction didn't go through? It's not like AC needs any more 321's. Air Transat certainly doesn't need narrow body assets right now. They're losing money every quarter.
Not so fast. The AC/TZ merger hasn't been approved yet and may never be. So committing $ at this time, for additional aircraft, would be very risky.
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rudder
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Re: Thomas Cook on the edge of bankrupcy

Post by rudder »

Big question for winter is the AT TC sub leases.

Given that TC was likely the principal Lessee and AT was the sub-lessee, the TC leases are effectively terminated in the liquidation. In addition, any TC owned aircraft will be eventually sold to pay debts outstanding.

I would have to think that AT will have a significant problem with the winter schedule if any or all of the former TC NB Airbuses are no longer available.
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