By 16:30 Moscow time the shares of the second largest tour operator Thomas Cook Group Europe collapsed by 67%. Prior to this, the company announced that due to deteriorating conditions in some markets have to negotiate with creditor banks to amend covenants on loans borrowed earlier. Prior to the completion of these negotiations to publish annual reports Thomas Cook did not intend to.
At 16:30 Moscow time Thomas Cook shares on the London Stock Exchange (LSE) worth 13.4 pence per share (minus 67%; capitalization was £ 118 million). According to Bloomberg, the maximum fall was 77%: Operator share fell from 31.76 to 9.35 pence, but then a little branch.
Who the weak link in the assets of Thomas Cook
The company intends to close about 200 of their offices ...
This happened after the official announcement Thomas Cook: operator announced that it has entered into negotiations with creditor banks to change the covenants on loans borrowed earlier due to deteriorating conditions in the fourth quarter in some markets. In addition, Thomas Cook announced that he will postpone the publication of annual results until the completion of negotiations with the banks.
In Russia, Thomas Cook is a partner of "Intourist": the fall of 2010, the parties agreed on the parameters of the establishment on an equal footing joint venture (JV). According to the agreement in a joint venture where the "Intourist" makes its tour operating and retail assets, Thomas Cook is investing $ 45 million, including $ 35 million - own shares. However, at the close of the transaction, July 12, 2011, quotes Thomas Cook collapsed by 28%, and devalue the package "Intourist". Then in the Russian holding company, though hedged its risks were "unpleasantly surprised and concerned" distrust of investors in the securities of a partner.
At 16:30 Moscow time Thomas Cook shares on the London Stock Exchange (LSE) worth 13.4 pence per share (minus 67%; capitalization was £ 118 million). According to Bloomberg, the maximum fall was 77%: Operator share fell from 31.76 to 9.35 pence, but then a little branch.
Who the weak link in the assets of Thomas Cook
The company intends to close about 200 of their offices ...
This happened after the official announcement Thomas Cook: operator announced that it has entered into negotiations with creditor banks to change the covenants on loans borrowed earlier due to deteriorating conditions in the fourth quarter in some markets. In addition, Thomas Cook announced that he will postpone the publication of annual results until the completion of negotiations with the banks.
In Russia, Thomas Cook is a partner of "Intourist": the fall of 2010, the parties agreed on the parameters of the establishment on an equal footing joint venture (JV). According to the agreement in a joint venture where the "Intourist" makes its tour operating and retail assets, Thomas Cook is investing $ 45 million, including $ 35 million - own shares. However, at the close of the transaction, July 12, 2011, quotes Thomas Cook collapsed by 28%, and devalue the package "Intourist". Then in the Russian holding company, though hedged its risks were "unpleasantly surprised and concerned" distrust of investors in the securities of a partner.
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