Thomas Cook Find Funding Agreement With Banks

[grahamturner09]

Good news for me as I had just booked flights for April when this all blew up  

[stoop]

It is German owned I think:

In 1972 it was privatised and bought by a consortium of Midland Bank, Trust House Forte and the Automobile Association.

Midland Bank eventually became the sole owner, and sold the business in 1992 to Westdeutsche Landesbank and the German charter airline LTU Group.

In 2001 it was itself acquired by the German company C&N Touristic AG, which changed its name to Thomas Cook AG.

[Scunner]

2001?

Thomas Cook was formed by the merger between Thomas Cook AG & MyTravel Group PLC to form Thomas Cook Group PLC in June 2007.  

[Karennina]

So very pleased to hear this news, great to have some good news for a change regarding companies making it through these hard times :)I too will do my best to aid them with their recovery, not that there are too many options left really

[Ovacikpeedoff]

Thomas Cook like many big companies continues to grow through merger and take overs. Post 2007 merger 51% of the shares in the new TC Group were owned by a German mail order company that subsequently went bankrupt. The 51% of shares were given to a number of banks as they were assigned as collateral for loans. The current structure of Thomas Cook is that 4 or 5 banks/ investors own about 35% of the shares and the rest are freely traded.

This funding is really goes a stop gap to get the company through to April next year. The company will still be subject to a major restructure and it is almost certain that much of the non profitable business will be stripped out.

[col]

I will soon need to book return flights between Dalaman and London  next summer. Having just checked out the prices for the dates needed, I have found both Monarch & Easyjet close to half the cost of Thomas Cook flights. Needless to say, at the moment, TC will not be getting a booking.

[Jacqui Harvey]

Take you pick if you are flying to London.  Wish we could be that lucky.  Only T.C. flight to and from Aberdeen to Dalaman.  I hope some other company would come in now, particularly as Aberdeen has the new longer runway.

[Scunner]

You should do what we do Jacqui, use Scotland's favourite airport - Newcastle!

[marytheresa]

Happy:D

[Jacqui Harvey]

If we had the time we would use Newcastle. However, the travelling would cut time off our holidays which we don't want to do, plus you have to factor in times of flights and cost of diesel to get to Newcastle.  
I just would like a choice from my own Airport like other people get.