Thomas Cook News Page 15
Thomas Cook shares crash on bank discussions
Shares in Thomas Cook crashed earlier as the tour operator admitted “deterioration” in trading conditions had forced it to seek further credit with banks. Thomas Cook said it would need additional funds to tide it over the quiet winter trading season, with shares falling over 70 per cent to just nine pence per share in morning trading.
Thomas Cook secures £100m lifeline from banks
British tour-operator Thomas Cook has secured a new £100 million banking facility, which it argues will “increase flexibility” during “the seasonal cash low point at the end of December this year”. Existing credit facilities at the troubled operator comprise a £150 million amortising term loan and a £850 million revolving credit facility which both mature in May 2014.
Co-operative Group, Midlands Co-operative and Thomas Cook complete merger
Thomas Cook, Co-operative Group and Midlands Co-operative have announced they have formally completed the merger of their UK high street travel and foreign exchange businesses. The merger, originally announced on October 8th 2010, will create the UK’s largest multi-channel travel retailer.
Thomas Cook chairman shows confidence in brand with share purchase
Frank Meysman, the incoming chairman of struggling tour operator Thomas Cook, has offered his own financial endorsement of the company, purchasing 100,000 shares. Ahead of assuming the role at the end of the year, Meysman purchased the shares at 39.09 pence each, for a total of £39,090.
‘Flat’ bookings see Thomas Cook suspend dividends
Struggling tour operator Thomas Cook has said it will suspend all further dividends while it seeks to rebuild its financial position. In a trading update today, the UK-based firm said it was continuing to be hit by a fall in bookings in the United Kingdom and turmoil in the Middle East.
Thomas Cook to close 24 stores country-wide
Thomas Cook has begun a 90-day consultation with over 100 staff after announcing plans to close 24 high street shops around the UK.
Thomas Cook appoints new Chairman
Thomas Cook has revealed that Frank Meysman will replace Michael Beckett as Chairman from 1 December 2011, when Beckett retires from the Board.
New top team at Thomas Cook unveiled ahead of Co-operative joint venture
Management at the new Thomas Cook and Co-operative joint venture has been finalised ahead of its official launch of October 4th. Two boards, both headed by executives from Thomas Cook, a shareholder and an operating board are all now in place.
Christina McDonald, Thomas Cook, Egypt’s Leading Travel Agent
Christina McDonald, Thomas Cook, Egypt’s Leading Travel Agent
Thomas Cook axes six aircraft and cuts 250 jobs
Thomas Cook UK & Ireland has confirmed plans to axe six aircraft and cut 250 jobs as part of its strategic review that was revealed in May.
Competition Commission clears Thomas Cook merger
At last some good news for beleaguered Thomas Cook, as the Competition Commission issues final approval for its proposed merger with the Co-operative Group and the Midlands Co-operative Society. It comes at a tough time for Thomas Cook, which has issued three profit warnings in the past 12 months and recently parted was with chief executive Manny Fontenla Novoa.
Derbyshire to leave Thomas Cook
Ian Derbyshire has left struggling travel agent Thomas Cook. The former head of retail at the tourism giant will be replaced by Simon Robinson, currently Thomas Cook managing director of e-commerce.