British travel firm Thomas Cook collapses, stranding hundreds of thousands

[vinny41]

58 minutes ago, Basil B said:

Nice to see our "head in the Sands Brexiteers" in denial mode again... OMG they will be saying the earth is flat next. ????

You forgot to mention 

In Continental Europe, bookings are lower than last year across all markets, and below our capacity reductions, primarily reflecting a weaker consumer environment in Germany, in particular. The decline is being driven by reduced demand for the Spanish Islands and Greece, partially offset by growth to Turkey and Tunisia.

https://www.thomascookgroup.com/investors/insight_external_assest/TCG+H1+2019+Statement+Final+16May19.pdf

[emptypockets]

11 hours ago, DeusExMachinaBKK said:

Can someone please explain what's funny about this comment? Many people used the "funny" emoticon, but apparently I'm too stupid to get the joke. Please, enlighten me!

Bit like Australia..nobody there but bloody cold. Both think they are important.

[emptypockets]

10 hours ago, car720 said:

Nobody has mentioned their traveller's cheques.

I can smell another bank grab in this.

Ah the travellers cheques kept in your money belt which matches your long socks and sandals in Pattaya?

[emptypockets]

9 hours ago, HOAX said:

Sure. Thomas Cook is comparable to Canada in the world of traveling. It was the inventor of package traveling, it was the oldest traveling company in existence, even older than Canada. It had its own Airline as well as a whole bunch of travel related subsidiaries and franchises in over 180 countries, including over 200 hotels, resorts, tour operators, travel agencies, insurance, finance, rentals and more. They also operated in Canada. It even had its own airline in Canada, Thomas Cook Airlines Canada.

 

Saying you haven't heard of Thomas Cook is like a Frenchman saying he haven't heard of Canada.

Heard of Thomas cook from an old kids game called Go! Didn't realise they even still existed. Apparently I was right.

[Bluespunk]

10 hours ago, Emdog said:

BBC reported they were still taking bookings just last night. Cheeky, eh wot?

Maybe a new take on old term: "I've been Cooked!"

Anyone booking last night must have been fairly unaware.
 

Impending collapse has been in news for a few days now. 
 

In addition it’s shares were declared “worthless” back in May. Hardly a good sign. 

[Opl]

"“The hedge funds are not resisting because they think the rescue plan is a bad one. Nor do they think the restructuring is too favourable to shareholders, rather than creditors. It is because they are worried the scheme might not trigger payouts on Credit Default Swaps (CDS). These are derivatives that behave like insurance contracts, protecting holders against the risk that a company does not repay its debts. Yet while a life insurance contract is simple to settle — a person is either alive or dead — the shades of grey in the death of a company make CDS much more unpredictable.”

Some of Thomas Cook’s creditors – its bondholders – are threatening to derail the rescue deal unless they can guarantee a return on their investment.

 

"- The collapse of travel operator Thomas Cook (TCG.L) is set to result in a bumper pay day for a clutch of hedge funds who bet the company’s share price would fall. "

When a firm goes bust, once the insolvency administrator has signed off on the collapse of the company their obligation to buy back the shares disappears and they can keep all the profit.

[emptypockets]

8 hours ago, phantomfiddler said:

Canada, never heard of it ? It,s the part of U.K. where we send the people we don,t want to be staying in our fair isles ????

No that was North America (not the USA  as it didn't exist then) ,and after you got beaten there you sent them to Australia. Any other history lessons you need?

 

Your country needed a solution for jailing people.The stinking, festering,over crowded hulks of ships you used as jails the Thames were getting full. You sent them to North America initially. Lost the war, and sent them to Australia eventually.

Interesting stuff is history.

[emptypockets]

6 hours ago, blazes said:

 

Thanks for this.  A lovely illustration of the capitalist system at work in all its glory.....

Can you post a lovely illustration of the communist system in all its glory?

And then point out the essential differences. The difference between the rich and poor percentage wise?

 

[Opl]

5 hours ago, Tayaout said:

I'm French Canadian and never heard about this Cook. 

 

Edit: I travelled extensively but never used a travel agency in my life. That might explain it. 

The travel agency of Britain’s far-flung 19th-century empire is dead

"“…while it would be well to arrange for the visits of Englishmen to India, it would be even more serviceable if the wealthy natives of India could

be induced to visit Europe.”"

 

[blazes]

34 minutes ago, emptypockets said:

No that was North America (not the USA  as it didn't exist then) ,and after you got beaten there you sent them to Australia. Any other history lessons you need?

 

Your country needed a solution for jailing people.The stinking, festering,over crowded hulks of ships you used as jails the Thames were getting full. You sent them to North America initially. Lost the war, and sent them to Australia eventually.

Interesting stuff is history.

 

Thank you, Charles Dickens....

[blazes]

33 minutes ago, emptypockets said:

Can you post a lovely illustration of the communist system in all its glory?

And then point out the essential differences. The difference between the rich and poor percentage wise?

 

 
I consume, therefore I am.

[AlexRich]

Just read on the Guardian website that a young guy's wedding in Rhodes, Greece has been ruined as it was all booked through Thomas Cook. The unfortunate young man goes by the name of ... Thomas Cook!!!

 

 

[MarkyM3]

6 hours ago, soalbundy said:

I don't know what the Brits are complaining about, they can get that Dunkirk feeling all over again, years later they can tell their grandchildren "we stood alone at the airport", a splendid end to a holiday and the government gets to fly them home to blighty, the miracle of Cooks cock up

Another Thai Visa sm@rtarse

[MarkyM3]

4 hours ago, Slip said:

Cherry picks a couple of factoids without reference to where they can be verified, concocts a theory through a mountain load of supposition and opinion.  Not surprised to see you mount this weak defence of a brexit that is sending your countrymen to the wall as you type your laconic deflections either.  Toodle pip!

They've been in and out of trouble since 2011 and have been described as an analogue business operating in a digital age....if you bother to read the history. Yet you criticise someone for cherry picking facts when you have none of your own apart from a weak anti-Brexit diatribe. No doubt you have the inside track on that too despite not being British..

 

[Forethat]

It is utterly bizarre that politicians blame Brexit for the collapse of Thomas Cook. Not surprising, though. The truth is, if the Brexit calamity has taught us something, it's that people who are in favour of EU are in denial. They reject facts. They refuse to listen to anyone with opposing views. 

 

Here are two facts that are guaranteed to cause Remainers to fire up the blame generator.

 

1. The European Union deregulated the European airline business in the early 1990's and paved way for low-cost airlines. Easy-Jet. Ryan Air. Norwegian. TUI. FlyBe. How many of these low cost airlines have a high street sales office?

2. The European Union deregulated the charter travel business. This meant the charter industry were able to market single destination seats. As a result, people began to arrange their trips themselves. Flight. Hotel. Car. No need for Thomas Cook.

 

One more thing: Thomas Cook's biggest source of income is (was) the GERMAN market. They sell (sold) more trips in Germany than they do (did) in the UK.  In the May report Thomas Cook claimed that the decline on the GERMAN market is to blame for its financial issues.

 

Brexit my a**...

[stevenl]

3 hours ago, MarkyM3 said:

They've been in and out of trouble since 2011 and have been described as an analogue business operating in a digital age....if you bother to read the history. Yet you criticise someone for cherry picking facts when you have none of your own apart from a weak anti-Brexit diatribe. No doubt you have the inside track on that too despite not being British..

 

 No, he is not. He is simply saying that industry analysts think brexit played a role, despite brexiteers denials.

[CharlieH]

Reported flame post removed.

[Stargeezr]

Never flew on Thomas Cook, guess I won't be flying with them in the future.

  I hope the people who are stranded, get an alternate way back home.

I find it frustrating enough to fly on Air Canada. I do miss, Canadian Airlines and

a few others that have vanished. 

Geezer

[Thingamabob]

...but not before the directors creamed off millions of pounds in bonuses. UK a pretty sick place these days, unless you are on top of the heap.

[Thingamabob]

5 hours ago, stevenl said:

 No, he is not. He is simply saying that industry analysts think brexit played a role, despite brexiteers denials.

Brexit is not in any way responsible for this mess.

[gk10002000]

Saw on the news one case where a tour group was Locked inside the hotel and not allowed to leave unless they paid the hotel.  So Cook booked but did not apparently pay for the hotel.

[stevenl]

20 minutes ago, Thingamabob said:

Brexit is not in any way responsible for this mess.

Yes, I'm sure you know better than industry analysts. How did Brexit affect the GBP BTW, and how is Thomas Cook getting paid and in what currency is getting Thomas Cook charged by hotels etc.?

 

I agree with you there seem to be multiple factors, but to simply dismiss brexit as one of those is ignorant.

[Stargeezr]

Guess there will be lots of jets for sale to other Airlines, and hotels to other companies.  The very rich CEO will have to retire, boo hoo… I feel so sorry for those rich people when they become unemployed, 555    I hope the people who are stranded,  get an alternate way back home.  I find it frustrating enough to fly on Air Canada. I do miss, Canadian Airlines and

a few others that have vanished. Like Ward Air, Air Nova, Air BC, Tine Air. etc

Geezer

[Basil B]

2 hours ago, Thingamabob said:

Brexit is not in any way responsible for this mess.

Another Brexit lie...

 

A truer statement would have been: "Brexit is not totally responsible for this mess".

 

[candide]

9 hours ago, Forethat said:

It is utterly bizarre that politicians blame Brexit for the collapse of Thomas Cook. Not surprising, though. The truth is, if the Brexit calamity has taught us something, it's that people who are in favour of EU are in denial. They reject facts. They refuse to listen to anyone with opposing views. 

 

Here are two facts that are guaranteed to cause Remainers to fire up the blame generator.

 

1. The European Union deregulated the European airline business in the early 1990's and paved way for low-cost airlines. Easy-Jet. Ryan Air. Norwegian. TUI. FlyBe. How many of these low cost airlines have a high street sales office?

2. The European Union deregulated the charter travel business. This meant the charter industry were able to market single destination seats. As a result, people began to arrange their trips themselves. Flight. Hotel. Car. No need for Thomas Cook.

 

One more thing: Thomas Cook's biggest source of income is (was) the GERMAN market. They sell (sold) more trips in Germany than they do (did) in the UK.  In the May report Thomas Cook claimed that the decline on the GERMAN market is to blame for its financial issues.

 

Brexit my a**...

As usual when it's about liberalisation of anything, the UK has been a pioneer and advocate of airline liberalisation in the EEC and after. That's one if the reasons the low-cost airlines are particularly present in the UK.

For example, the first liberal air service agreements in Europe were signed by the UK and the Benelux countries in 1985 and began to bring down fares and introduce competition. This was a model for the First Package which was introduced by the British Presidency of the European Council in 1986. 

[car720]

13 hours ago, emptypockets said:

No that was North America (not the USA  as it didn't exist then) ,and after you got beaten there you sent them to Australia. Any other history lessons you need?

 

Your country needed a solution for jailing people.The stinking, festering,over crowded hulks of ships you used as jails the Thames were getting full. You sent them to North America initially. Lost the war, and sent them to Australia eventually.

Interesting stuff is history.

actually, it was the Irish that they sent.  The Brits were all screws.

[Slip]

17 hours ago, Forethat said:

Seems to me like I'm the one providing hard facts and YOU are the one....well, I haven't got a clue what you're up to, to be fair.

 

https://www.thomascookgroup.com/investors/insight_external_assest/FY15-Results-Presentation-SLIDES.pdf

https://www.thomascookgroup.com/investors/insight_external_assest/Thomas-Cook-Group-plc-Annual-Report-2015-1.pdf

 

Ah, excellent.  It's good to see that you actually can provide evidence when pressed.  Keep it up old boy. ????

[SheungWan]

There is some suggestion that TC was finally overloaded with debt, presumably accumulated with acquisitions over the years. So the question arises as to why management did not dispose of assets ahead of the crunch and secondly, if management wasn't doing its job effectively, the Board didn't raise flags. Maybe the whole operation just sleep-walked its way to failure. It won't be the first time a British company has done so. So who is still standing? TUI. Well fancy that.

Sent from my SM-N935F using Thailand Forum - Thaivisa mobile app

[Forethat]

6 hours ago, SheungWan said:

There is some suggestion that TC was finally overloaded with debt, presumably accumulated with acquisitions over the years. So the question arises as to why management did not dispose of assets ahead of the crunch and secondly, if management wasn't doing its job effectively, the Board didn't raise flags. Maybe the whole operation just sleep-walked its way to failure. It won't be the first time a British company has done so. So who is still standing? TUI. Well fancy that.

To me it's an absolute mystery how TC executives have failed to pick up the signals and trends from the real world. It's as if the world's largest provider of VHS movies and video game rental services would operate with 800 stores in the UK the year 2019 - and then blame Brexit for going bust.

 

You can't make this up.

[mikebike]

On 9/23/2019 at 11:21 AM, lust said:

I’m from Canada. 

Thomas Cook is (was) huge in Canada...