Tag: Thomas

SWISS Launches New Service for Long Haul Business Class, Adds Taste of Switzerland

September 1, 2021 / WIL BALDWIN

For six months from today onwards, Swiss International Air Lines (SWISS) will be offering Business and First Class travellers on its long-haul services from Switzerland selected creations from top Swiss-based chefs who have participated in the airline’s ‘SWISS Taste of Switzerland’ inflight culinary programme over the past few years. The dishes, which are accompanied as usual by Swiss regional wines and speciality cheeses, reflect the broad variety of Switzerland’s cuisine. Of the 70 guest chefs drawn from all the country’s cantons who have been spotlighted on board since the award-winning programme began back in 2002, Silvia Manser, Silvio Germann, Jean-Marc Soldati, Mike Wehrle, Thomas Amstutz, Hans-Jörg and Anja Zingg, Franck Reynaud, Christian Kuchler, Lorenzo Albrici and Rolf Hiltl are currently featured aloft.

Veal tenderloin with black truffle sauce and blueberry slice with Appenzeller beer ice cream in First Class

SWISS First travellers can look forward to two dishes from Mike Wehrle of Bürgenstock Hotels & Resorts: a starter of marinated lobster with pecorino cheese and cauliflower panna cotta, followed by veal tenderloin with black truffle sauce. The choice of main courses further includes sautéed cod with seafood nage and potato and fennel brandade, the creation of Silvio Germann of IGNIV by Andreas Caminada in Bad Ragaz. The SWISS First menu is rounded off by a choice of two desserts which includes a blueberry slice with chocolate crumble and Appenzeller beer ice cream by Silvia Manser of Restaurant Truube in Gais.

First Class guests are further treated to a selection of speciality Swiss cheeses that include an Aletsch Grand Cru from Canton Valais and a Swiss Style 10, which is Switzerland’s homage to Britain’s Stilton cheese. The choice of Swiss wines on offer extends to a Chasselas Clos du Boux 2020 Grand Cru Epesses from Luc Massy of Canton Vaud and a Ligornetto 2018 DOC Ticino red from Luigi Zanini of Canton Ticino.

Beetroot tabbouleh with green pea guacamole and ‘Meat Love’ meatloaf in Business Class

For SWISS Business travellers, the choice of SWISS Taste of Switzerland starters newly extends to a vegetarian option: a beetroot tabbouleh with green pea guacamole from Zurich’s Hiltl vegetarian restaurant, which is offered alongside a Balik salmon sashimi with avocado, cucumber and wasabi vinaigrette by Christian Kuchler of the Taverne zum Schäfli in Wigoltingen. Business Class guests have a choice of main courses, too, which includes a ‘Meat Love’ meatloaf with morel sauce created by Anja and Hans-Jörg Zingg of the el paradiso Mountain Club in St. Moritz. The menu concludes with the sweet delight of a cheesecake with chocolate sponge and citrus fruits by Franck Reynaud of the Hostellerie du Pas de l’Ours in Crans-Montana.

The speciality cheeses on offer to SWISS Business guests include a Passo dello Spluga from the Splügen Alpine Dairy and a Fette Berta by Ueli Moser from the Seeland region. The choice of Swiss wines extends to a Château de Châtagneréaz 2019 Chasselas from Canton Vaud and a Syrah Classique AOC 2019 from the Domaine Jean-René Germanier in Canton Valais.

A new Business Class service concept for a more individual flight experience

SWISS now also offers its Business Class travellers a new and more individualized service concept on all long-haul flights. In addition to the traditional ‘restaurant’ service in which the meals are served one course at a time, guests can now take advantage of a new ‘casual dining’ option in which they receive their starter, main course and dessert together and at a time of their choosing. The new service options, which are introduced today, enable the guest to tailor their inflight experience even more closely to their specific wishes and needs.

In a further innovation, the additional service shortly before landing has been replaced by a new ‘SWISS Bistro’ concept. This consists of a new bistro menu inviting guests to choose from a range of hot items (such as a Swiss prime beef burger with coleslaw salad), cold items and snacks according to their individual tastes and hunger at any time after the main service until shortly prior to landing.

Aircraft Lessor Aircastle to be Bought in $2.4 Billion Deal

November 6, 2019 / WIL BALDWIN

Nov 6 (Reuters) – Aircastle Ltd said on Wednesday Japan’s Marubeni Corp and Mizuho Leasing Co Ltd had offered to buy the aircraft lessor in a deal valued at $2.4 billion, ending a nearly two-week long strategic review of its business.

Shares of the company rose 16% to trade in line with the offer price of $32 per share. Marubeni, the company’s largest shareholder, has a 29% stake in Aircastle as of Oct. 23 that is currently valued at about $600 million.

Aircastle, which owned and managed 277 aircraft in 48 countries as of Sept. 30, counts American Airlines, Southwest Airlines and United Airlines among its customers.

Airline bankruptcies have increased this year at the fastest ever rate, led by the collapse of India’s Jet Airways, British travel group Thomas Cook and Avianca of Brazil, adding pressure on aircraft leasing companies.

Fitch Ratings said in September that it expects the sector to worsen in the medium term with a potential rise in airline bankruptcies, further aircraft repossessions and increased financing costs. (http://bit.ly/2qrjaG5)

The deal, which is valued at $7.4 billion including debt, is expected to close in the first half of 2020, Aircastle said.

Citigroup Global Markets Inc will serve as financial adviser to Aircastle.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli and Anil D’Silva)

Thomas Cook Collapse Prompts International Response

September 25, 2019 / WIL BALDWIN

(Reuters) – The collapse of British travel operator Thomas Cook left hundreds of thousands of holidaymakers abroad and forced governments and insurers to coordinate a huge operation to get them home.

FILE PHOTO: Passengers are silhouetted in front of a closed service counter of travel agent Thomas Cook and airline Condor at the airport in Frankfurt, Germany, September 24, 2019. REUTERS/Kai Pfaffenbach

The company ran hotels, resorts and airlines ferrying 19 million people a year to 16 different countries.

Here is a summary of the impact of the collapse in different countries and efforts to salvage parts of the group:

GERMANY

Thomas Cook’s German tour business filed for insolvency on Wednesday in a move aimed at separating its brands and operations from its failed parent, and it said it was in talks with potential new investors.

The German government said it was considering an application for a bridging loan from Thomas Cook Germany, a day after it said it would guarantee a 380 million euro ($418 million) bridging loan for Condor, the British group’s German airline.

The company is in contact with the German foreign ministry, insurers and other partners to get customers home. Zurich Insurance, which provided insolvency cover to Thomas Cook Germany, will cover the costs for those on holiday.

About 97,000 holidaymakers were still stranded on Thursday.

AUSTRIA

Thomas Cook Austria, which belongs to the German unit, also filed for insolvency on Wednesday, with the aim of continuing in business.

THE NETHERLANDS

The Dutch unit of Thomas Cook canceled all travel booked through Thomas Cook Netherlands and subsidiary Neckermann.

A Dutch court on Wednesday granted Thomas Cook Nederland B.V., a Netherlands-based subsidiary, protection from creditors. It employed roughly 200 staff.

POLAND

Thomas Cook’s Polish unit, Neckermann Polska, said on Wednesday that it has filed for insolvency. Poland regional authorities says around 3,600 customers of Neckermann Polska are still abroad.

BELGIUM

Thomas Cook’s Belgian unit ceased carrying passengers on Tuesday and liquidated two businesses, seeking protection from creditors and ultimately a buyer for Thomas Cook Retail Belgium.

It still has some 13,400 customers on holidays abroad.

NORDICS

Several planes operated by Thomas Cook Scandinavian Airlines have not been able to take off because their leasing contracts remained with the British parent, Danish subsidiary Spies said.

It was not immediately clear how the situation would be resolved.

Thomas Cook’s Nordic business said on Monday it would continue to operate as it is a separate legal entity from its London-listed parent and added that it was looking for new owners.

The Nordic business consists of two legal entities, Thomas Cook Northern Europe and Thomas Cook Scandinavian Airlines, and is also known as Ving Group.

The business operates under several brands: Ving in Norway, Spies in Denmark, Tjäreborg in Finland, as well as Ving and Globetrotter in Sweden.

BRITAIN

Emergency flights had brought 14,700 people back to the United Kingdom on 64 flights on Monday, and around 135,300 more were expected to be returned over the next 13 days, Britain’s aviation regulator said.

More than 70 flights were scheduled to operate on Wednesday to bring back 16,500 people.

MEXICO

The collapse of British travel firm Thomas Cook will not have a “significant impact” on Mexico’s tourist industry as it only represents about 0.4% of the sector’s foreign income, the Mexican tourism ministry said on Tuesday.

BULGARIA

Thomas Cook’s collapse poses a serious challenge to Bulgarian tourism, with dozens of Black Sea hotels facing losses totaling tens of millions of dollars as negotiations for the next summer season take place, its tourism minister said on Tuesday.

TUNISIA

Tunisian tourism minister Rene Trabelsi told Reuters that 4,500 Thomas Cook customers are still on holiday in Tunisia.

The British government repatriated about 1,200 tourists via planes sent to Tunisa’s Enfidha airport, and another 4,000 still in Tunisia will return after their holidays.

FRANCE

The French arm of the business said on Tuesday it was asking the French commercial court of Nanterre for creditor protection

Thomas Cook France will hold a meeting of its works council on Thursday about a plan to declare insolvency and to start a recovery procedure.

French organization Entreprises de Voyage said that about 10,000 French tourists could be affected by the bankruptcy.

SPAIN

The collapse has affected 53,000 Britons in Spain, Spanish Acting Tourism Minister Reyes Maroto told reporters.

The ministry has been in touch with German and Swedish authorities to ensure Thomas Cook subsidiaries continue to operate at least for the winter season, she added.

GREECE

A Greek tourism ministry official told Reuters that about 50,000 tourists were affected.

CYPRUS

Cyprus says 15,000 Thomas Cook customers were stranded on the island.

HUNGARY

Thomas Cook’s Hungarian unit Neckermann Magyarorszag said it was continuing its operations and all passengers would be able to return from abroad as planned.

It said its financial situation was stable and its assets were sufficient guarantee that its passengers would not suffer any financial damage. It said passengers should contact its offices directly about upcoming flights.

RUSSIA

Thomas Cook’s Russian tour operator subsidiary, Intourist, said the bankruptcy of Thomas Cook will have no impact on clients, Executive Director Sergei Tolchin told Interfax.

TURKEY

The Turkish Ministry of Tourism said it will provide support for local companies affected by the Thomas Cook collapse.

The head of the country’s Hotelier Federation said about 45,000 tourists from the UK and elsewhere in Europe are in the country.

MOROCCO

Morocco’s tourism ministry said it had created a crisis unit to handle the fallout from Thomas Cook’s collapse. Thomas Cook operated two flights to Marrakesh a week. No official numbers were given.

EGYPT

Thomas Cook operator Blue Sky Group said that 25,000 reservations in Egypt booked up to April 2020 had been cancelled. Blue Sky currently has 1,600 tourists in Egypt’s Hugharda resort.

INDIA

Thomas Cook India said it had been unaffected as it has been a separate entity since August 2012.

Virgin Atlantic In, IAG Out in Race for Thomas Cook Airlines

May 10, 2019 / WIL BALDWIN

LONDON (Reuters) – The chief executive of British Airways owner IAG ruled out bidding for Thomas Cook’s airline unit on Friday, a day after rival Virgin Atlantic was reported to be interested in part of the business.

Lufthansa and private equity fund Indigo Partners are seen among the front-runners for Thomas Cook’s airlines after the firm put it up for sale in February, to raise cash after a string of profit warnings in 2018.

IAG had previously been linked with the business, but on Friday, Chief Executive Willie Walsh said that his firm had not made a bid.

“In relation to Thomas Cook… we’re not putting in any bid,” Walsh told reporters.

He added in an analyst call later in the day that the firm was not actively pursuing M&A at the moment but was in a strong position to do so if something attractive came up.

Virgin Atlantic has put in a preliminary offer for the tour operator’s UK long-haul business, Sky News reported on Thursday. Thomas Cook and Virgin Atlantic both declined to comment on the report.

Lufthansa is a bidder for Thomas Cook’s German airline Condor with an option to acquire the remaining airlines of the British travel group, Lufthansa’s CEO said on Tuesday.

Indigo Partners is also a likely suitor for Thomas Cook’s airline business, sources said last week, adding that the deadline for initial bids was on Tuesday earlier this week.

An unexpectedly warm summer in northern Europe last year deterred holiday makers from booking lucrative last minute getaways, resulting in two major profit warnings for the world’s oldest travel company.

Worries about the firm’s ability to pay its debts pushed the yield on its euro-denominated bonds that mature in 2022 to a record high last Friday, and Thomas Cook said later in the day that it was in talks with its lenders about bolstering its finances.

Thomas Cook’s half-year earnings release for the six months to March 31 is due next Thursday.

(Reporting by Alistair Smout; Editing by Keith Weir)

Thomas Cook Sets May 7 Deadline for Airline Interest

May 1, 2019 / WIL BALDWIN

LONDON (Reuters) – Thomas Cook has set a deadline of May 7 for expressions of interest in its airline business, with Indigo Partners and Lufthansa among the likely bidders, sources said.

The heavily-indebted British travel group put its profitable airline business up for sale in February after profit warnings in 2018 left it needing to raise cash.

Thomas Cook’s airlines business consists of Germany’s Condor, as well as British, Scandinavian and Spanish operations.

A sale of the business, in whole or in part, would enable the world’s oldest tour operator to invest more in its own hotels and improve its online sales.

A source familiar with the discussions said that Indigo and Germany’s Lufthansa appeared most interested in the business.

British Airways owner IAG should not be ruled out and easyJet has engaged in talks but is seen as less interested, the source added.

It is not clear whether Ireland’s Ryanair would bid.

Another source said that private equity groups KKR and Apollo might also look at taking over the whole of Thomas Cook.

The airlines business would provide access to valuable European slots linking Britain to Spain, Greece and Turkey.

Thomas Cook, Indigo, IAG and easyJet declined to comment, while Lufthansa and Ryanair were not immediately available.

Lufthansa executives have said repeatedly that the German airline wants to “play an active role” in consolidation.

Indigo, the private equity firm managed by Bill Franke, the veteran U.S. low-cost airline investor, has previously made investments in several airlines including Hungary’s Wizz.

Thomas Cook has been revamping different parts of its business this year, closing high street stores and reviewing its money division as it focuses on holidays.

The company was hit badly in 2018 when a hot European summer deterred customers from booking holidays through the year.

One banking source said the airline would fetch less than 1 billion euros (£859 million). Thomas Cook has a current market value of just over £400 million.

Sources said that competition issues could influence which parts of the business different suitors go for.

Sky News has said China’s Fosun International, a Thomas Cook shareholder, was interested in its tour business.

(Reporting by Kate Holton and Clara Denina in London; additional reporting by Alistair Smout and Georgina Prodhan in London and Arno Schuetze in Frankfurt; Editing by Alexander Smith)

FILE PHOTO: A Thomas Cook Airbus A321-200 airplane takes off at the airport in Palma de Mallorca, Spain, July 28, 2018. REUTERS/Paul Hanna/File Photo

Thomas Cook Enlists 3 Banks to Prepare Airline Sale

February 15, 2019 / WIL BALDWIN

LONDON, Feb 15 (Reuters) – Thomas Cook has enlisted Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch to explore the possible sale of its airline business, a source familiar with the discussions said.

The holiday company this month said it was willing to sell its profitable airline business to fund its fightback from losses racked up in 2018.

Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch declined to comment.

Thomas Cook’s airline, which fared much better last year than the tour operator business, consists of Germany’s Condor and British, Scandinavian and Spanish divisions.

A sale of the airline unit, in whole or in part, would enable the company to invest more in its own hotels, improve its digital sales offering and drive further cost savings.

One banker said the enterprise value of the airline would be around 500-600 million pounds, a little more than the current market value of the whole company.

He added that Lufthansa, Ryanair and easyJet were all vying for bits of the airline business, but that no one wanted the whole unit, and that Thomas Cook had an ageing fleet which would need a massive investment programme to replace it.

Ryanair’s marketing chief said on Thursday that the Irish airline was not interested in any large-scale acquisitions but could vie for airport slots should they become available.

(Reporting by Alistair Smout Additional reporting by Pamela Barbaglia and Clara Denina in London and Arno Schuetze and Ilona Wissenbach in Frankfurt; Editing by David Goodman and Kirsten Donovan)