Poor prospects for Thomas Cook Group creditor dividends

Liquidators of Thomas Cook Group have warned that most of the company’s divisions are unlikely to return a dividend to creditors following its collapse in September. The official receiver says that the group collapsed with around GBP9b (US$11.6b) in total liabilities. These included GBP5.7b in debts to other group companies and a further GBP1.77b to banks and other lenders. Trade creditors are owed GBP885m and GBP585m is due to customers who booked package-holidays and flights, although this figure does not include a claim from the CAA which has yet to be fully quantified. But the receiver estimates total asset realisations at just GBP176-244m – a figure which excludes the cost of the realisation, it states. Sale of retail outlets, landing slots at airports, intellectual property rights and other assets have already been achieved. <br/>