Thomas Cook: UK will try to recoup £100m repatriation bill from companies September 25, 2019 The government will go to credit and debit card companies as well as travel insurers for money in the coming weeks, in a bid to recoup the cost of repatriating tens of thousands of stranded Thomas Cook customers after the firm went bust on Monday. Giving an update in the Commons, transport secretary Grant Schapps [...]
West End landlord Shaftesbury ‘unaffected’ by retail restructurings September 25, 2019 West End landlord Shaftesbury said it has been “largely unaffected” by a recent string of retail and restaurant closures and restructurings. In a trading update this morning the real estate investment trust said it had “limited exposure” to occupier insolvencies. Read more: West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee Tenant insolvencies [...]
Thomas Cook: Travel giant ‘collapsed with a £3.1bn balance sheet deficit’ September 25, 2019 Thomas Cook would have run out of cash by early October had it not gone into liquidation on Monday, such was the calamitous state of the travel giant’s finances, according to reports. In a High Court witness statement, now-former chief executive Peter Fankhauser said the firm had a balance sheet deficit of more than £3bn. [...]
Thomas Cook Polish unit collapses days after saying it was stable September 25, 2019 Thomas Cook’s Polish unit has announced its insolvency, local authorities revealed today. Yesterday the company cancelled flights for two days and stopped taking new bookings after parent Thomas Cook collapsed on Monday. It came after the firm on Monday said it was continuing day-to-day operations and was in a stable condition. The government yesterday chartered [...]
Thomas Cook collapse: Regulators and business groups clamour for answers September 24, 2019 Regulators and business groups today lined up to demand answers over the collapse of holiday giant Thomas Cook. Accounting watchdog the Financial Reporting Council said it is mulling a full-scale probe into whether it breached accounting standards. A spokesman said it is considering the case “as a matter of urgency”. Read more: Thomas Cook collapse [...]
Airlines accused of price gouging after Thomas Cook collapse September 24, 2019 Airlines have been accused of exploiting the demise of rival Thomas Cook after passengers complained of a huge increase in prices. Holidaymakers looking to book future trips have complained of a surge in fares on the same routes served by the collapsed travel firm. Read more: Thomas Cook: Former workers will not receive pay packets [...]
Thomas Cook: CBI backs probe into executive pay after collapse September 24, 2019 Influential business lobby group the CBI has thrown its weight behind a full-scale inquiry into executive pay at collapsed holiday giant Thomas Cook. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. More than 100,000 people are still awaiting repatriation by the [...]
Thomas Cook: Former workers ‘will not receive pay packets as usual’ on Monday September 24, 2019 Thomas Cook staff have been told they will not receive their wages as usual on Monday, according to union sources, after the travel giant went bust yesterday. The 178-year-old firm collapsed under the weight of a £1.7bn debt pile early yesterday morning, after weeks of frenzied attempts to negotiate a rescue deal with its lenders. [...]
Thomas Cook: Watchdog mulls whether to probe collapsed airline’s accounts September 24, 2019 Britain’s accounting watchdog is looking into investigating whether Thomas Cook breached accounting standards, after the travel giant collapsed yesterday. Nearly 15,000 people returned to Britain yesterday on specially-chartered flights after the firm collapsed under the weight of a £1.7bn debt pile. Read more: Was the collapse of Thomas Cook inevitable? The Financial Reporting Council said [...]
Timeline – Thomas Cook’s humble beginnings to a billion-pound collapse September 23, 2019 Thomas Cook’s insolvency has left hundreds of thousands of people stranded abroad, and cost tens of thousands of jobs in the UK. But it has been a long time coming. With debts ballooning over the last 10 years and a near-miss in 2011, Britain’s oldest travel firm has endured a bumpy ride in recent years [...]