Talk Morgan Forums Community The Malvern Arms Thomas Cook bankrupt

Isn't it time to come down from the trees?

Perfect - what a fun picture and good on you for posting it. I can't help wondering if alcohol or amphetamines might have played their part

I'm so very sorry to hear this Pete, I know from a friend who is a Thompson pilot how difficult it is to get another flying job.

It must be especially galling to know that the airline side of the business, both TC and Condor, remained profitable and that the business was dragged down by a debt mountain "bought" from my-travel.
I read that just servicing the interest was almost beyond the company.
In the end, with no real prospect of paying back the debt the creditors pulled the plug.
It is illegal to trade whilst insolvent, but not, it seems, the you have debt you can never repay from earnings.
I'd like to see the Directors penalised for what they did - incompetent or dishonest: to me the result is the same.
I'd also like to see the rules changed to make it much harder to run a company carrying more debt than can be paid back from earnings.

I've found an even older print, this is from the mid 60s, proudly wearing my Air Training Corps Uniform.

Cripes!!!

That reminds me of someone..... :

Feel really sorry for all the people who have lost their jobs. The glass half full outlook is that there is currently a substantial shortage of air crewe, particularly pilots so hopefully the pain won't last too long. Good luck.

What a 'weird' thread! Thomas Cook, then photos up a tree!

A sad FACT is that Thomas Cook was bookmarked to merge with Air 2000/First Choice back in 2008... but then then CEO decided that the tax breaks offered by the government against the huge debt of Airtours/MyTravel, was a better 'bet'. This despite the fact that My Travel had been on the verge of insolvency due to debt twice in the preceding years. So Thomas Cook 'inherited' this legacy debt and that was the cancer that has ultimately led to this...

Meanwhile, First Choice and Britannia have flourished under their merger to become TUI... and now we have a situation of non competition in the sector. So prices will rise for the general public who simply wanted a cheap summer sun holiday.

NO point in going on about it... but it's made worse to hear that Condor (Thomas Cook AG) has been bailed out by the German government with a 6 month loan for 350 million to get them through the restructuring... one has to ask, if it was good enough for the Germans to look after their own, why on earth did the UK Government abandon such a huge British Company, especially in light that their was a real debt for equity swap deal with Fosun and various bond holders to secure the future of Thomas Cook.

The costs of not doing this are huge... more than anyone yet knows... from overseas hotels who have 'sold' rooms to Thomas Cook, support agencies, catering, transport, small tor operators, local economies etc etc etc...

This decision will be kicking around the 'City' for years...

Anyway... onwards and upwards!

"Who is that?" you may ask...

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"Don't tell 'im, Pike" is the only allowable answer

Pete. TM is known for thread drift on a glacial level so sorry if it feels a little raw on your side right now. It is never meant in that manner. Some of the regulars me included have a tendency to run a subject over a few threads as TM becomes like a good pair of slippers and is very comfy.

On the subject of your previous (mis) management there is a question that needs to be asked of the board oversight. If the pigs had their noses in the trough and the board did not slap them you have to ask why. Might be worth a look.