With governments unwilling to bail out private companies the likelihood of Thomas Cook Group being bailed out seems unlikely but not impossible.
In the background the U.K. Government is assembling a fleet of aircraft to bring back up to 150,000 holidaymakers from Europe, North Africa and Turkey under the ABTA bonds and in conjunction with the CAA.
Thomas Cook managers are sounding desperate, using every conceivable argument to guilt the government into action, but E.U. and U.K. competition rules prevent subsidies and bailouts for most businesses.
Thomas Cook has been living on borrowed time for years, with piles of debt that have for a long time been a threat to its future. It’s been remarkable how long it has managed to survive owing so much that was beyond its means.
Sadly 141 years of history looks set to end, throwing 13,000 jobs and two airlines to the scrap heap. The demise of Thomas Cook/Condor might yet be yanked from the flames of oblivion in some last minute deal, but Sunday offered little hope of it.