quote:

Originally posted by ArtieS:
^^^^Presumably the receiver of the company's assets (a government entity) will pay for the returns, and will reimburse itself from the assets of the company that are sold in bankruptcy. The company is insolvent, not penniless.

Assets what assets? Sounds like they leased much of what they had. Airplane leasing companies are scrambling to get their jets back from around the world. Most of their land and offices was also leased. The more I read about thomas cook the more it sounds like it was built out of a house of cards.

What a shame, Thomas Cook, was/is the founder of the entire tourism industry as we know it. Taking the newly affluent British merchant class to Switzerland and Italy for 'all-inclusive vacations' in the 19th century, he also introduced the travelers check and news bulletins regarding 'vacation travel'. It's a name that has been around for a long, long time.

Pretty shitty thing to read that the company officers had gotten such payouts, meanwhile the entire company was sliding rapidly towards insolvency.