Thomas Cook leaves a millionaire debt to hoteliers in Cancun

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The bankruptcy of Thomas Cook Group after 178 years of history, was recently announced, and is considered the largest in the history of Tourism. This is a great blow for hoteliers in Cancun and Riviera Maya, as it left them without paying a millionaire debt, which as Creditors may only recover part of their debt with the possible income from the future sale of assets.

The bankruptcy of Thomas Cook, associated with Transat, has seriously impacted hoteliers in the Caribbean since the British giant is one of the largest emitters in Europe towards the beaches of the different destinations in the area such as Punta Cana in the Dominican Republic, Cancun, Mexico and Cuba, where it also operates with its air fleet from the main markets of the Old Continent.

After a frantic day, Thomas Cook, one of the oldest tour operator in the world, with 178 years of history, has ceased its commercial activity.

In a statement made public by the tourism group, the "mandatory liquidation of Thomas Cook" was announced despite the efforts made in recent days. It has been decided to submit a mandatory liquidation request and an order has been given to designate a liquidator of the company. In addition, Thomas Cook expects the Civil Authority in the United Kingdom to begin the repatriation of all affected customers. It is estimated that there are about 600,000 worldwide.

“It is a deep regret for me and for the rest of the meeting that we have not succeeded. I would like to apologize to our millions of customers and thousands of employees, suppliers and partners who have supported us for many years,” said Peter Fankhauser, CEO of the company in a recent statement.

Shareholders and creditors met in a law firm in central London to see if there was a solution. The solution was to obtain 200 million pounds to continue operating and to be able to carry out the debt exchange operation for shares at the end of the month, with the entry of Fosun as the main shareholder, contributing 900 million. In the early afternoon the meetings dissolved, without commenting details. Obviously, the 200 million did not appear or if they appeared the Chinese investor should not have been happy with the assignment that the wholesaler had to make.

The big hotel businessmen, led by Miguel Fluxá, tried to launch a solution to the creditor banks of Thomas Cook to save the group, consisting of converting 100 million debt into capital, but the negotiators rejected this formula and preferred to continue with the expensive process bankruptcy.

The United Kingdom is among the main European issuing countries in terms of tourist in Mexico and the fourth globally, since of the 590,945 tourists who arrived in Mexico in 2018, the main issuer of travelers the Aztecan territory came from the United Kingdom.

The main airlines with which British tourists traveled, since they have direct flights between the United Kingdom and Mexico are: British Airways, Aeromexico, Thomas Cook, Tui Airways or Virgin Atlantic. The hoteliers closely followed the bankruptcy of Thomas Cook after the bankruptcy of Amoma, which was also recently reported and collected exclusively worldwide by preferente.com, leaving thousands of travelers affected.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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