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Thomas Cook ‘paid millions to advisers’ days before collapse
Thomas Cook paid over £20 million to advisers in the final days before it collapsed.
More than 30 advisers were involved in talks to restructure the business and save it from failing shared the money.
Recipients worked on behalf of the company bondholders, shareholders, the pension fund and insurance schemes, benefitted, according to reports first highlighted in the Financial Times.
The payout was a result of the Thomas Cook group trying to get all parties around the table to reach a deal.
The FT reports the Big Four accounting groups, 20 law firms and leading restructuring advisers were brought in, along with turnaround specialist Alvarez and Marsal, on behalf of the Civil Aviation Authority.
None of those involved have commented.
The news comes days after it was reported liquidators have paid £18 million to Thomas Cook staff.
Shadow Chancellor John McDonnell told the FT: "The workers and customers of Thomas Cook will look on aghast at the feeding feast that has taken place at this company by accountants and advisers whilst they have lost their wages, jobs and holidays."
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Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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