Thomas Cook’s Liquidation: Information for Customers, Creditors and Shareholders

Thomas Cook’s Liquidation: Information for Customers, Creditors and Shareholders

After Thomas Cook (TCG.L) went into compulsory liquidation on 23 September 2019, the government convened a cross-government taskforce to support all company’s stakeholders.

Appointment of liquidator

On 23 September 2019, winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator.

The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners from AlixPartners have been appointed as Special Managers over the airline and tour operator companies. Insolvency Practitioners from KPMG LLP have been appointed as Special Managers to the Group’s retail division and to its aircraft maintenance companies.

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Sale of Thomas Cook’s UK airport slots at Gatwick and Bristol to easyJet

The Official Receiver and Special Managers from KPMG UK have confirmed that airport slots at London Gatwick (LGW) and Bristol Airport (BRS) belonging to Thomas Cook have been sold and transferred to easyJet.

This transaction marks the first to be announced in relation to Thomas Cook’s UK airport slots portfolio. The sale price was £36 million.

This outcome has been facilitated by the collaborative approach of Thomas Cook’s commercial partners at UK airports and the support of both internal and external slot co-ordinators.

Sale of Thomas Cook’s UK airport slots at Manchester, Birmingham and Stansted to Jet2.com

The Official Receiver and Special Managers from KPMG UK have today confirmed that key UK airport slots belonging to Thomas Cook have been sold and transferred to Jet2.com.

The agreement sees Jet2.com acquire the UK slots at Manchester Airport (MAN), Birmingham Airport (BHX) and London Stansted Airport (STN), with this transaction being the second announced in relation to Thomas Cook’s UK slots portfolio. The sale price was not disclosed.

This outcome has been facilitated by the collaborative approach of Thomas Cook’s commercial partners at UK airports and the support of both internal and external slot co-ordinators.

Sale of Thomas Cook’s UK retail estate

An agreement has been reached with Hays Travel Limited to acquire Thomas Cook’s entire UK retail estate.

Hays Travel will acquire a total of 555 stores around the UK, providing re-employment opportunities for former employees of Thomas Cook’s retail operations who were made redundant following the appointment of the Official Receiver as liquidator on 23 September 2019.

Following the appointment of the Official Receiver, Hays Travel have recruited 421 former Thomas Cook personnel and there are further offers to former employees.

Former employees reemployed by Hays Travel will not have their eligibility for redundancy payments affected.

Former employees of Thomas Cook interested in job opportunities are invited to contact Hays Travel on 0800 215 5995 or visit Hays Travel website.

Information for customers

All Thomas Cook bookings, including flights and holidays, have now been cancelled. All of Thomas Cook’s retail shops will close with immediate effect.

If you have paid the Thomas Cook companies in liquidation for goods or services that you haven’t received, you will need to register as a creditor in the liquidation.

Claiming refunds

If you have unredeemed Thomas Cook gift cards, please register as a creditor.

Further information on claiming a refund for an ATOL protected holiday is available on the CAA’s website.

If you have booked Thomas Cook flights only and are not ATOL protected, you may be able to get your money back by claiming a refund from your card issuer. Please contact your card issuer as soon as possible and further information, including time limits that apply, is available from the UK Cards Association’s Credit and debit cards: A consumer guide.

Information for creditors

You will need to register as a creditor in the liquidation if:

  • you have unredeemed Thomas Cook gift cards
  • you haven’t been paid for goods or services you’ve supplied to the Thomas Cook companies in liquidation
  • you have paid the Thomas Cook companies in liquidation for goods or services that you haven’t received
  • you are a worker or self-employed contractor who provided services to any of the Thomas Cook companies in liquidation

To register as a creditor you will need to complete a Proof of Debt form which you should then email to the Special Managers.

Creditors of Thomas Cook’s airline and tour operator companies will need to complete a Proof of Debt form and submit to AlixPartners. Further information can be found on AlixPartners’ dedicated website.

Creditors of Thomas Cook’s retail and aircraft maintenance companies will need to complete a Proof of Debt form and submit to KPMG. Further information be found on KPMG’s dedicated website.

Once you have registered and the Special Manager receives your Proof of Debt form they will add you to the list of creditors and include you on future correspondence about the case.

Information for shareholders

Thomas Cook Group plc’s listing with the London Stock Exchange has been suspended. At the present time Thomas Cook shares cannot be traded on the exchange.

Unfortunately, as a result of the liquidation appointments, there is no prospect of a return to Thomas Cook’s shareholders.

Shareholders should be aware of any approaches in the form of third parties offering to dispose of their shares, in exchange for the up-front payment of fees. The FCA website has information about how to avoid and report share scams.

Companies in liquidation and Special Manager appointments

On 23 September 2019 Simon Appell, Alastair Beveridge, Dan Imison and Ben Browne of AlixPartners were appointed Special Managers to assist the Official Receiver carry out his duties in the following airline and tour operator companies in liquidation:

Thomas Cook Airlines Limited

Thomas Cook Group Treasury Limited

Thomas Cook Tour Operations Limited

Thomas Cook Airlines Treasury plc

Thomas Cook In Destination Management Limited

Thomas Cook Group Tour Operations Limited

Thomas Cook Group plc

Thomas Cook Money Limited

Thomas Cook Services Limited

My Travel Group Limited

Thomas Cook Investments (2) Limited

Thomas Cook Continental Holdings Limited

Blue Sea Overseas Investments Limited

Thomas Cook Group UK Limited

Thomas Cook Finance 2 Plc

Thomas Cook Group Airlines Limited

Thomas Cook West Investments Limited

Thomas Cook UK Limited

Thomas Cook UK Travel Limited

Further information is available on AlixPartners dedicated website.

On 23 September 2019 Blair Nimmo, Jim Tucker, David Pike, Mike Pink and Ben Leith of KPMG were appointed Special Managers to assist the Official Receiver carry out his duties in the following retail and aircraft maintenance companies in liquidation:

Thomas Cook Aircraft Engineering Limited

Thomas Cook Retail Limited

TCCT Retail Limited

The Freedom Travel Group Limited

Future Travel Limited

Travel and Financial Services Limited

Retail Travel Limited

Further information is available on KMPG dedicated website.

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