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Re: Any civil aviation folk here?
[Re: barnacle]
#1635714
23/09/2019 18:26
23/09/2019 18:26
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Joined: Dec 2005
Posts: 1,466 Kent
Submariner
My job on the forum
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My job on the forum
Joined: Dec 2005
Posts: 1,466
Kent
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Be a good idea.....however given the company is not solvent and is no longer operating, no wages, no insurance, no pilots no employees etc etc.....the planes were impounded by the CAA on the tarmac for non payment of fees defaulting on airport charges etc this morning in the UK. I suppose the other way of doing it to stop selling new holidays etc three weeks ago and then continue to pay your employees until everyone is back home, they don't tend to do that though do they; instead everyone is left in the shit!
Good editorial of why it all went tits up (hardly a sound business model....'awarding' your CEO £2m pa for running a company that has losses of £1.5bn and operates a business with out of date consumer practices/selling....the salaries of blue chip Execs are a total joke too. Remember the Phoenix 5....basic fraud and theft! I could run it into the ground for far less than that.
In the end Thomas Cook was a victim of that serial company killer – debt. When you owe £1.7bn, not much needs to go wrong to tip you over the edge – and with Thomas Cook a lot had been going wrong.
In fact, Thomas Cook has been struggling for a decade. Mergers with MyTravel and Co-Op had left it with 1,200 high street stores JUST as consumers were moving online.
It had a near death experience in 2011 but was saved when its lenders agreed to support it during a restructuring that saw it close over 600 bricks and mortar outlets.
Thomas Cook’s basic business model is to buy up package holidays in bulk months in advance and then sell them on. It's inherently risky as terror attacks, currency moves, unexpected heatwaves in the UK and uncertainty about ease of travel and insurance arrangements after Brexit could and did hit demand leaving the company exposed.
In May it announced a loss of £1.5bn, pushing it further into debt. Its largest shareholder, the Chinese company Fosun - which also owns another holiday company, Club Med – offered to plough in £450m but the company’s lenders didn’t think there was enough cash to see it through the lean winter months.
It required another £200m and when that couldn’t be raised privately, it turned to the government, which refused, just as it had with contractor Carillion to prop up a private company with taxpayers' money.
Thomas Cook’s chief executive took home £8m in pay and bonuses in the last four years and there will be an investigation into the conduct of directors. That will be little comfort to 21,000 Thomas Cook workers who are facing unemployment rather than a bit of holiday disruption.
Last edited by Submariner; 23/09/2019 18:41.
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Re: Any civil aviation folk here?
[Re: barnacle]
#1635735
24/09/2019 16:07
24/09/2019 16:07
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Joined: Feb 2019
Posts: 297 Free State of Jones
clanger
Making a profit
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Making a profit
Joined: Feb 2019
Posts: 297
Free State of Jones
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They have to pay that to get the "brightest and the best" Captains of industry blah blah blah. I'm also lead to believe it all trickles down...
E85
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Re: Any civil aviation folk here?
[Re: barnacle]
#1636093
11/10/2019 05:44
11/10/2019 05:44
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Joined: Dec 2005
Posts: 9,706 Gone
Jimbo
Je suis un Coupé
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Je suis un Coupé
Joined: Dec 2005
Posts: 9,706
Gone
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What Happens NowTo answer your original question Neil, Mr Mentor Pilot gives a good description on what happens and why. You can also learn how to fly a 737 if you follow all his videos.
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Re: Any civil aviation folk here?
[Re: barnacle]
#1636115
12/10/2019 09:12
12/10/2019 09:12
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Joined: Dec 2005
Posts: 1,466 Kent
Submariner
My job on the forum
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My job on the forum
Joined: Dec 2005
Posts: 1,466
Kent
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Re: Any civil aviation folk here?
[Re: barnacle]
#1636137
13/10/2019 17:34
13/10/2019 17:34
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Joined: Dec 2005
Posts: 33,568 Berlin
barnacle
OP
Club Member 18 - ex-Minister without Portfolio
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OP
Club Member 18 - ex-Minister without Portfolio
Forum Demigod
Joined: Dec 2005
Posts: 33,568
Berlin
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