Thomas Cook Group PLC Compulsory liquidation of Thomas Cook Group plc (2443N)
23 September 2019 - 4:01PM
UK Regulatory
TIDMTCG
RNS Number : 2443N
Thomas Cook Group PLC
23 September 2019
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
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.
- ENDS -
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END
STRLIFESARIVFIA
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September 23, 2019 02:01 ET (06:01 GMT)
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