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Thomas Cook Suspends Dividend Payments Until It Has Sorted Out Its Finances

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Thomas Cook said it won’t pay a dividend until it has sorted out its finances.

Europe’s second biggest tour operator is scrapping its dividend following a string of profit warnings, although it is confident of a deal with lenders ahead of a key test of its financial health in December.

The company, whose chief executive stepped down in August, said it is looking to cut its debt substantially over the next two to three years.

It recently announced a series of measures to turn around its UK business, including plans for the closure of 24 of its 800 retail stores and a reduction in its airline fleet from 41 aircraft to six in order to meet capacity.


Thomas Cook shares have lost nearly 90 per cent of their value over the past 18 months

I'm sure it's been posted already but a December bank covenant test for a tour operator seems tough.

Here's the BBC 12mth share price chart http://www.bbc.co.uk/news/business/market_data/shares/3/87260/twelve_month.stm

I might have a look later at their balance sheet from their reports. I can't guess what the balance sheet assets in the company will be. But with no dividends.....

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a reduction in its airline fleet from 41 aircraft to six in order to meet capacity

Wow! That's quite a drop in the number of holidaymakers.

Thankfully purchases of luxury yachts are keeping aggregate consumption numbers up.

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  • 338 Brexit, House prices and Summer 2020

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