The Thomas Cook bankruptcy and its aftermath

[Inquirer]

Meanwhile, seems like Thomas Cook Belgium is trying to rebrand as 'Neckermann Reizen' and selling (a limited number of) package holidays again?

Their old website is now redirecting you to a rather primitive booking engine where you can apparently book a package deal consisting of flights with Brussels Airlines and a stay:
https://www.neckermann.be/promoties/stu ... e-dag.aspx

Anybody knows what's going on?
Are they going to relaunch indeed?

[DeltaWiskey]

Meanwhile, seems like Thomas Cook Belgium is trying to rebrand as 'Neckermann Reizen' and selling (a limited number of) package holidays again?

It looks like it is Thomas Cook Retail Belgium nv that is being rebranded.
The other 3 entities: Thomas Cook Belgium nv, Thomas Cook Retail nv and Thomas Cook Financial Services nv have been declared bankrupt. Thomas Cook Retail Belgium nv has only filed for insolvency, which allows them to be kept clear of the Thomas Cook empire collapse, hopefully allowing them to make a successful restart. (For all the employees involved, as well as for the customers)

[Passenger]

Meanwhile, seems like Thomas Cook Belgium is trying to rebrand as 'Neckermann Reizen' and selling (a limited number of) package holidays again?

It looks like it is Thomas Cook Retail Belgium nv that is being rebranded.
The other 3 entities: Thomas Cook Belgium nv, Thomas Cook Retail nv and Thomas Cook Financial Services nv have been declared bankrupt. Thomas Cook Retail Belgium nv has only filed for insolvency, which allows them to be kept clear of the Thomas Cook empire collapse, hopefully allowing them to make a successful restart. (For all the employees involved, as well as for the customers)

On 24th Sept 2019, the Garantiefonds Reizen / Fonds de Garantie de Voyages has terminated two insurance polices: A1457 = Thomas Cook Belgium (= the head office) and A1067 = Thomas Cook Retail Belgium (= the Thomas Cook Travel Shops and the Neckermann shops).

A1457 has been declared bankrupt on 25th September. So that's finished.
A1067 has not been declared bankrupt, but they don't have an insurance police anymore = it is strictly forbitten for them to ask for a signature and/or ask for a payment. Their website is online indeed, but I guess the final step "payment" will show a "computer error".

So far for travel legistation. Now the Wetboek Economisch Recht (Code de droit économique) also steps in. When an enterprise is unable to fulfill its financial obligations, it has to address the trade court (ondernemingsrechtbank) as soon as possible with two possibilities: file for bankruptcy - or present a business recovery plan and ask for protection from creditors (gerechtelijke reorganisatie/réorganisation judiciaire, previously WCO/LCE).

Time is really running out for Thomas Cook Travel Shop / Neckermann. Rumours are they are looking for € 5M (my guess: needed as bond to re-establish their insurance police). Without insurance their business recovery plan fails, and the trade court will reject request for protection.

I'm really sorry for the employees for this prospect.

[TLspotting]

Neckermann NL is bankrupt :

! Update 30 september, 15:15 – Thomas Cook Nederland failliet

Hoofddorp, 30 september 2019 - De bewindvoerder van Thomas Cook Nederland B.V. maakt bekend dat zij de Rechtbank van Amsterdam heeft gevraagd de surseance van betaling die op woensdag 25 september werd verleend, om te zetten in faillissement. De rechtbank heeft hierin toegestemd, en de bewindvoerder, mr. Hanneke De Coninck-Smolders, benoemd tot curator.

In de afgelopen week hebben het management en de bewindvoerder naarstig gezocht naar mogelijkheden voor Thomas Cook Nederland om zelfstandig of in samenwerking met Thomas Cook- in andere Europese landen verder te gaan. Helaas bleken die mogelijkheden er op korte termijn niet te zijn, waardoor geen andere keus restte dan faillissement aan te vragen voor de Nederlandse organisatie.

Voor de circa tweehonderd medewerkers van Thomas Cook Nederland is collectief ontslag aangevraagd.

In de komende weken zal de curator in gesprek gaan met potentiële kopers voor Thomas Cook Nederland of onderdelen daarvan. Er hebben zich al enkele geïnteresseerden gemeld.

[TLspotting]

And TC Retail BE as well.

500 jobs lost.

[Passenger]

And TC Retail BE as well.
500 jobs lost.

Confirmed by management:
https://www.vrt.be/vrtnws/nl/2019/09/30 ... omas-cook/

[Passenger]

And TC Retail BE bankrupt as well.
500 jobs lost.

Confirmed by management:
https://www.vrt.be/vrtnws/nl/2019/09/30 ... omas-cook/

Press release Thomas Cook:
https://thomascook.prezly.com/thomas-co ... eken-neer#

[TLspotting]

[sn26567]

Thomas Cook Airlines Scandinavia continues operations and secured two A321s on wet-lease from SmartLynx (Latvia), covering the next two weeks.

[sn26567]

Avation (a lessor from Singapore) confirms that it had leased two A321s to Thomas Cook, which have been repossessed and will be marketed and delivered to another airline in due course.

[ostair]

And another victim:
https://sofiaglobe.com/2019/10/07/thoma ... oceedings/

Will Bulgarian air charter be save?
Some will pick up the trade...

[sn26567]

easyJet is looking at some of the assets of Thomas Cook (UK), but there is no decision yet.

[brabel]

Wamos group (spain) to take over 63 thomas cook belgium shops (about 200 employees)

[Passenger]

The Wamos division in Belgium (Neckermann) will be focusing on selling packages of other tour operators like Pegase etc.

They are, for the moment at least, not having own package deals. Transport is thus offered by an agreement with one of the tour operators. SN commercial department will have a harder time selling their product in the same quantities as before.

We'll have to wait and see if Wamos will get a booking code from TUI. Without the possibility of selling packages from the number one in Belgium, it will be difficult for the shops to survive.

According to the Belgian (and European) travel legislation, the touroperator has to deliver the travel vouchers to the client, if the client has paid to the intermediate travel agent. No matter if the intermediate hasn't paid the touroperator. That "delivery obligation" is an ongoing risk for touroperators, so TUI will probably demand a bank guarantee from Wamos.

Wamos also needs a bankruptcy insurer for their Belgian activities - though their Spanish insurer will probably extend the police. Wamos has given themselves till 21st October to solve these issues.

[sn26567]

We'll have to wait and see if Wamos will get a booking code from TUI. Without the possibility of selling packages from the number one in Belgium, it will be difficult for the shops to survive.

I think there is a life in the Belgian leisure industry outside of TUI (which has indeed a dominant position now). Pegase (ex-Thomas Cook), Club Med, Sunweb, Corendon, Expedia, MisterFly all have already contracted Wamos to sell their packages. And Wamos can develop its own packages based on what they already offer to their Spanish clientele.

[sn26567]

Condor chief executive Ralf Teckentrup says there is a good chance of the airline being acquired by 1Q 2020.

Thomas Cook Scandinavia to be purchased by Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital. The company will be recapitalised with US$618 million.

[jan_olieslagers]

The brand name "Thomas Cook", and associated www url's and licenses, acquired from the liquidators by Chinese Fosun Tourism Group for a tidy 12+ million €. There must be a lot of cash around there.

Source (in Dutch): https://www.vrt.be/vrtnws/nl/2019/11/01 ... omas-cook/

[ostair]

The 555 TC shops in the UK were sold to Hays travel for ...only 6 million Pounds.

[TLspotting]

TC Airlines Scandinavia under Sunclass Airlines brand since Friday.

Had a look earlier on eBay, so sad to see ex CCM selling their uniforms...

[sn26567]

The Condor part of the business looks still very healthy: Condor improved its key figures in fiscal 2018/19 56ended 30 September 2019. EBIT rose year-on-year by 32.4% to €56.8 million, with passengers up 6.9%, capacity up 4.5%, and sales up 6% to €1.5 billion.