Thomas Cook

Thomas Cook

Postby winston » Mon May 06, 2019 8:35 am

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Thomas Cook seeks to borrow £400m to stave off cash crunch

Move aims to give tour operator a financial cushion to tide it over winter period

by Rob Davies

It hopes to secure the funding before announcing half-year results on 16 May, at which its auditor Ernst & Young might otherwise be forced to express doubts about its ability to continue as a going concern.


Source: The Guardian

https://www.theguardian.com/business/20 ... ash-crunch
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Re: Thomas Cook

Postby winston » Mon May 06, 2019 8:41 am

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Thomas Cook in talks with lenders about strengthening finances

by Alistair Smout

Thomas Cook declined to comment on a Bloomberg report on Thursday that three of its lenders accepted steep losses to exit a loan facility to the company.

The yield on Thomas Cook euro-denominated bonds that mature in 2022 hit a record high of 29.896 percent earlier on Friday.

The CDS price implied a 78 percent probability of default.

Thomas Cook has set a deadline of May 7 for expressions of interest in its airline business. Indigo Partners and Lufthansa are seen as likely bidders.


Source: Reuters

https://www.reuters.com/article/us-thom ... SKCN1S91E6
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Re: Thomas Cook

Postby winston » Mon May 06, 2019 9:07 am

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May 4, 2019

Thomas Cook’s bonds tumble on fears over debt pile

Banks attempt to offload loan obligations to hedge funds at distressed prices

A so-called revolving credit line was sold this week at about 59 pence on the pound.

It now costs $39m to insure $100m of debt, on top of $5m a year in premiums.

It was working towards reaching an agreement with its banks for a new credit facility ahead of its half-year results on May 16.


Source: Financial Times

https://www.ft.com/content/d0a154ba-6d1 ... ee53e6681d
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Re: Thomas Cook

Postby winston » Mon May 06, 2019 10:14 am

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Thomas Cook explores potential sale

Travel agency’s largest shareholder Fosun said to be interested in bidding

People close to KKR and EQT denied they were interested or currently involved.

Fosun, which is Thomas Cook’s largest shareholder with a 17 per cent stake, is said to be interested in bidding.

EU rules that require airline carriers to be owned by European investors.


Source: Financial Times


https://www.ft.com/content/1418da56-923 ... 14a103b99a
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Re: Thomas Cook

Postby winston » Sat May 11, 2019 7:52 am

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British Airways owner IAG backs out of Thomas Cook airlines bid

The chief executive of British Airways owner IAG ruled out bidding for Thomas Cook’s airline unit today, a day after rival Virgin Atlantic was reported to be interested in part of the business, Reuters reports.

Lufthansa and private equity fund Indigo Partners are seen among the front-runners for Thomas Cook’s airlines after the firm put it up for sale in February, to raise cash after a string of profit warnings in 2018.

IAG had previously been linked with the business, but today, Chief Executive Willie Walsh said that his firm had not made a bid.

“In relation to Thomas Cook... we’re not putting in any bid,” Walsh told reporters.

Virgin Atlantic has put in a preliminary offer for the tour operator’s UK long-haul business, Sky News reported yesterday. Thomas Cook and Virgin Atlantic both declined to comment on the report.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0510&sid=2
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Re: Thomas Cook

Postby winston » Fri May 17, 2019 7:50 am

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Thomas Cook loss blows out to £1.5b

Shares in travel agency Thomas Cook slumped by 17 percent after it reported a £1.5 billion half year pre-tax loss and warned Brexit uncertainty was prompting travelers to delay bookings.

The UK company reported a loss of £303 million in the first half of fiscal 2018.


Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0516&sid=2
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