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.
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 !!
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.
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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Say, what's that mountain goat doing up here in the mist?
Happiness is V1 at Thompson!
Ass, Licence, Job. In that order.
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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As an AvCanada discussion grows longer:
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
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.
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.
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.
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 !!
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.
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.
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.
Worst case is that Transat then leases from aircraft secured by AC. Big deal.
For those who are still wondering if the merger is a done deal....seriously? If it gets turned down, Calin would not have done his homework properly, and that would be a first.
When I go to canadian tire for maintenance, do I pay in advance? When I buy an item off the shelf, you can be assured it is in my hands when i exchange it for $$$.
Defective part? return it! Poor maintenance, return it to get it done right ! We have laws and contingencies in advanced countries to protect people it is not communism !
Interesting angle. Do you think Air Transat would go buying airplanes when AC doesn't own them yet? What would they do with those extra planes if the transaction didn't go through? It's not like AC needs any more 321's. Air Transat certainly doesn't need narrow body assets right now. They're losing money every quarter.
Not so fast. The AC/TZ merger hasn't been approved yet and may never be. So committing $ at this time, for additional aircraft, would be very risky.
Worst case is that Transat then leases from aircraft secured by AC. Big deal.
For those who are still wondering if the merger is a done deal....seriously? If it gets turned down, Calin would not have done his homework properly, and that would be a first.
DP.
Don't count your chickens before they hatch. "SERIOUSLY" that's the way business is done without the wishful thinking and daydreaming. Banks and investment brokers are bean counters.
When I go to canadian tire for maintenance, do I pay in advance? When I buy an item off the shelf, you can be assured it is in my hands when i exchange it for $$$.
Defective part? return it! Poor maintenance, return it to get it done right ! We have laws and contingencies in advanced countries to protect people it is not communism !
I'm not interested in you Canadian Tire stories. Calling people "selfish scum "that you know nothing about , makes you come across as one of the ANTIFA goons.
Calin just didn't want WestJet to buy Transat. AC couldn't care less about Transat, they are going down the drain in 5 years tops if they are not bought.
The deal may be approved by share holders, but if the government gets their filthy hands on the deal it's screwed.
If they ask ac to drop slots into good markets, AC will simply not do the deal.
Best case scenario, the government comes up with crazy contingies on the deal. AC says we aint doin that with those limitations. Westjet can't buy transat because of precedent and whatever happens to transat happens.
