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Thomas Cook


StormChaser

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  • 1 month later...
Guest RNS copy/paste
Compulsory liquidation of Thomas Cook Group plc

23 September 2019 - Further to the announcement made on 20 September 2019,
Thomas Cook Group plc ("the Company") continued to engage with a range of key
stakeholders over the weekend in order to secure final terms on the
recapitalisation and reorganisation of the Company.

Despite considerable efforts, those discussions have not resulted in agreement
between the Company's stakeholders and proposed new money providers. The
Company's board has therefore concluded that it had no choice but to take
steps to enter into compulsory liquidation with immediate effect.

An application was made to the High Court for a compulsory liquidation of the
Company before opening of business today and an order has been granted to
appoint the Official Receiver as the liquidator of the Company. We anticipate
that the Official Receiver will make an application to the High Court for
members of AlixPartners UK LLP to be appointed as Special Managers in respect
of the Company, to act on behalf of the Official Receiver, and we further
anticipate that an order will be granted to that effect. As part of this
process, a number of other Thomas Cook Group companies have also entered into
compulsory liquidation, with members of either AlixPartners UK LLP or KPMG LLP
(depending on the company) being appointed as Special Managers in respect of
the relevant Group companies.

We expect that AlixPartners UK LLP will now work very closely with the Civil
Aviation Authority in the UK, to effect the repatriation of all UK customers
impacted by this announcement.

Peter Fankhauser, Chief Executive of Thomas Cook commented:
"We have worked exhaustively in the past few days to resolve the outstanding
issues on an agreement to secure Thomas Cook's future for its employees,
customers and suppliers.  Although a deal had been largely agreed, an
additional facility requested in the last few days of negotiations presented a
challenge that ultimately proved insurmountable.

"It is a matter of profound regret to me and the rest of the board that we
were not successful. I would like to apologise to our millions of customers,
and thousands of employees, suppliers and partners who have supported us for
many years. Despite huge uncertainty over recent weeks, our teams continued to
put customers first, showing why Thomas Cook is one of the best-loved brands
in travel.

"Generations of customers entrusted their family holiday to Thomas Cook
because our people kept our customers at the heart of the business and
maintained our founder's spirit of innovation.

"This marks a deeply sad day for the company which pioneered package holidays
and made travel possible for millions of people around the world."
 
 The Company has requested that its ordinary shares be suspended from listing
on the premium segment of the Official List of the FCA and from trading on the
main market of the London Stock Exchange with immediate effect.
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