Thomas Cook goes bust............or perhaps not

[Storer68]

Thomas Cook owner in bankruptcy

Arcandor owns 52% of travel company Thomas Cook
Germany's Arcandor, which owns 52% of Thomas Cook, has filed for bankruptcy.

The German government on Monday rejected its request for 650m euros ($930m; £561m) of loan guarantees. Arcandor employs about 50,000 people.

Arcandor, which also owns retailer Karstadt, asked for state aid because about 600m euros of its loans need refinancing at the end of the week.

Last week, a Thomas Cook spokeswoman said the travel company was "completely ring-fenced" from Arcandor.

 

[Tooting Gull]

So it isn't bust then?

 

[Storer68]

Investors in the shopping giant, which owns 53pc of Europe's second-biggest travel operator, are apparently willing to stump up more capital but it may not be enough to prevent an administration.

Arcandor was yesterday hoping for a €437m (£378m) emergency loan from state bank KfW, after the authorities said its restructuring plan was not credible enough to tap a €115bn rescue fund.


Related Articles
Speed up reform of financial reporting system, say investors
Chrysler to file for bankruptcy
Porsche on the financial brink
Supreme Court right to delay Chrysler deal
GM faces bankruptcy after bondholders reject debt-for-shares dealBut last night, Berlin appeared reject the loan application, favouring instead a potential deal between Arcandor and rival shopping group Metro.

Thomas Cook emphasised that its business would not be affected by Arcandor's administration. Arcandor's 53pc stake was used as collateral for loans, so the shares would be taken over by its lenders in the event of an adminstration.

Karl-Gerhard Eick, the Arcandor chief executive who also chairs Thomas Cook, has said a sale of the 53pc stake would not cover the loan.

 

[Badger]

I think you should review the title of this thread!

 

[Easy 10]

More confirmation, if any was needed, to make sure you pay for your holiday using a credit card. Anyone who doesn't in this day and age is an utter MUG.

 

[Icy Gull]

More confirmation, if any was needed, to make sure you pay for your holiday using a credit card. Anyone who doesn't in this day and age is an utter MUG.

Wrong, Thomas Cook are ABTA and ATOL bonded, so even if they did go bust, which they won't your money is safe regardless of how you paid.

A mod should change the thread title before some poor NSCer with a 4k Thomas Cook family holiday sees it and has a heart attack

 

[pasty]

A mod should change the thread title before some poor NSCer with a 4k Thomas Cook holiday has a heart attack on seeing it

Not quite 4K, but too late. Scared the shit out of me for a minute or 2

 

[Badger]

A mod should change the thread title before some poor NSCer with a 4k Thomas Cook holiday has a heart attack on seeing it

Actually that's reason enough to keep the title as it is. I retract my previous post

 

[Easy 10]

Wrong, Thomas Cook are ABTA and ATOL bonded, so even if they did go bust, which they won't your money is safe regardless of how you paid.

A mod should change the thread title before some poor NSCer with a 4k Thomas Cook family holiday sees it and has a heart attack

As a general rule though, I always feel it PRUDENT to have the security of your credit card when paying for flights and/or holibobs.

 

[Icy Gull]

As a general rule though, I feel it PRUDENT to have the security of your credit card when paying for flights and/or holibobs.

Booking on the internet with an airline or non bonded company or hotel you are spot on. They all take the piss on the charges though and it is easy to be tempted to pay on a debit card with lower charges.

Did you know that if an airline goes bust, even BA, you get f*** all back if you've booked direct with them as non of them as far as I'm aware have any sort of enforced bonding requirements? Paying by credit card or booking through an agency who offer airline failure insurance is a must imo.

 

[REDLAND]

Does anyone know how or if this will affect TC travel vouchers, I still have a few to use

 

[Freddie Goodwin.]

Does anyone know how or if this will affect TC travel vouchers, I still have a few to use

sadly they have been rendered completly worthless but, so as to avoid you being reminded of your terrible loss, I'll be happy to take them off your hands.

 

[portslade seagull]

Lets hope it is all ok because i've arranged my 25th wed anniversary hols with them

 

[siclean]

is that a holiday comp ??

 

[Barrel of Fun]

I don't think I have ever used a travel agents and don't intend to.