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Understandable decision from Brussels Airlines, but terrible news for Thomas Cook Belgium nv/sa. Unless they find another carrier within the next hours, they are legally forced to announce financial insolvency to their insurer Garantiefonds Reizen / Fonds de Garantie de Voyages. The GFR/FGV will then decide what's going to happen. Suspension of Insurance police is 99% sure. Some touroperators recover from an intervention by the GFR/FGV - but most don't. It all depends from the total debts. Accepting new bookings is legally forbitten whilst their Insurance police is suspended."Thomas Cook Belgium: Brussels Airlines to cancel flights".
Following the difficult financial situation of Thomas Cook Belgium and the fact that the tour operator cannot fulfil its overdue payments of the last weeks, Brussels Airlines is forced to start cancelling flights that the airline operates on behalf of the Belgian tour operator. As a consequence of the difficult financial situation of Thomas Cook Belgium, Brussels Airlines cancels two return flights tomorrow, September 24th. It concern flights that the airline operates exclusively for the tour operator :
SN3881 Brussels-Enfidha
SN3882 Enfidha-Brussels
SN3885 Brussels-Djerba
SN3886 Djerba-Brussels
The Belgian airline apologises for the inconveniences these cancellations cause. Affected passengers are requested to contact Thomas Cook Belgium. Brussels Airlines is at present working on its flight plan of the coming weeks and months and will inform as quickly as possible about possible changes in its flight offer.
https://www.aviation24.be/airlines/luft ... l-flights/
You have to remind that Brussels Airlines actively promotes booking with Thomas Cook. And still does(!) This makes they should take more responsibility than just a carrier subcontracted by a partner. Not only do they refuse to fly new customers to their destination, they're also leaving people already on holiday stuck abroad after they promoted said holidaysPassenger wrote: ↑23 Sep 2019, 22:24Understandable decision from Brussels Airlines, but terrible news for Thomas Cook Belgium nv/sa. Unless they find another carrier within the next hours, they are legally forced to announce financial insolvency to their insurer Garantiefonds Reizen / Fonds de Garantie de Voyages. The GFR/FGV will then decide what's going to happen. Suspension of Insurance police is 99% sure. Some touroperators recover from an intervention by the GFR/FGV - but most don't. It all depends from the total debts. Accepting new bookings is legally forbitten whilst their Insurance police is suspended.
Who could have predicted 2 years ago that TC would run out of business in 2019... Members defending SN's leisure flights mostly said that money is money, no matter if it comes from leisure or business destinations.
For sure non TC-exclusive flights are causing problems as well. Many flights to holiday destinations are TC-majority but not TC-exclusive. I doubt TC payed for those flights as SN publicly stated that TC isn’t paying their bills yet SN can’t as easily cancel them outright because they have their own customers on those as well.Ge203 wrote: ↑24 Sep 2019, 01:21Who could have predicted 2 years ago that TC would run out of business in 2019... Members defending SN's leisure flights mostly said that money is money, no matter if it comes from leisure or business destinations.
Correct me if I'm wrong but saying that the agreement wasn't profitable is a bit of extrapolation. The only flights that are causing problems at the moment (meaning TCB is still operative) are TC-exclusive flights which haven't been payed, not the others. I haven't read any article so far stating that they loose money on those so-called leisure flights. But you maybe have more "knowledge and background".
Well, SN took over the flights and two planes of TCB bcs they were not doing good. Two years ago they were already in trouble and years before that too. The last two years with many extra events it was putting the company in more deep water.Ge203 wrote: ↑24 Sep 2019, 01:21Who could have predicted 2 years ago that TC would run out of business in 2019... Members defending SN's leisure flights mostly said that money is money, no matter if it comes from leisure or business destinations.
Correct me if I'm wrong but saying that the agreement wasn't profitable is a bit of extrapolation. The only flights that are causing problems at the moment (meaning TCB is still operative) are TC-exclusive flights which haven't been payed, not the others. I haven't read any article so far stating that they loose money on those so-called leisure flights. But you maybe have more "knowledge and background".
Indeed, those destinations aren't even on the destinations-map of SN. So I assume these are indeed scheduled charter-flights, (supposed to be) paid fully by Thomas Cook. This contrary to the seats filled by TC-tourists on "regular" SN-flights, even to leisure-destinations.
I just consulted those and while I thought it was a mistake it seems you are correct. Thomas Cook Belgium (airline and touroperator) has indeed payed over Half a billion EUR to their shareholders. In that same year the touroperator generated a profit of over 3 million EUR. Even the last one in the system, financial year 2018 mentions a net profit of over 3 million EUR (and a not yet payed out profit in 56 million EUR). It seems that the Belgian branch of Thomas Cook is (or better was) doing remarkably well. (they still have over 56 million EUR in cash on hand)Passenger wrote: ↑24 Sep 2019, 08:38 Thomas Cook Airlines Belgium (= the airline): financial journalists will soon discover a remarkable payout of € 250.000.000 to the shareholders at the end of BookYear 01/10/2014-30-09/2015.
Thomas Cook Belgium (= the touroperator): financial journalists will soon discover a remarkable payout of € 310.033.630 to the shareholders at the end of BookYear 01/10/2015-30/09/2016.
Two profit payouts at a tempero non suspecto at that time. But with today's failure, they were probably the beginning of the end for the two Belgian companies.
(Source: National Bank of Belgium, public search engine)