XL Leisure prepares to declare bankruptcy

skk · Sep 12th, 2008, 09:41

Hmmmm, no Sticky thread for up-to-date travel news so I'll start a new thread:
http://business.timesonline.co.uk/to...cle4735790.ece
Thousands of British holidaymakers face being stranded overseas today as their tour operator, XL Leisure, prepares to declare bankruptcy.

XL, the third-largest package holiday company in Britain, was trying frantically to secure a multimillion-pound rescue package last night but sources close to the negotiations said that its chances of survival were slim.

Assuming that there is no last-minute rescue, the holiday company will declare bankruptcy today. This will result in its fleet of 21 aircraft being grounded, stranding holiday makers in more than 50 destinations around the world.

Rival airlines are understood to have been approached to repatriate the holidaymakers from places such as Florida and the Caribbean. A source familiar with plans to rescue them said: “They are hoping to make an orderly announcement on Friday so as not to cause a panic.”

Being the 3rd largest tour operator, Goa may be one of the their destinations and with quite a few Brits in Goa, I thought this would be a good heads-up.

Update: Its actually happened:
http://www.xl.com/
XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, Kosmar Villa Holidays plc – All in Administration (the Companies)

On 12 September 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as Joint Administrators of the Companies by the Court.

The Companies entered into Administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding.

The Joint Administrators cannot continue trading the business and therefore all flights operated by the Companies have been immediately cancelled and the aircraft grounded. Going forward, the Joint Administrators are unlikely to be able to trade the business or operate the aircraft.

All passengers who have yet to commence their travel should make alternative arrangements as detailed below....

There's so much I would want to say about this - but this is a news thread.

-skk

Sep 12th, 2008, 09:41	#1
skk Maha Guru Member Join Date: Jul 2008 Location: Boulder CO, USA Posts: 842	XL Leisure prepares to declare bankruptcy Hmmmm, no Sticky thread for up-to-date travel news so I'll start a new thread: http://business.timesonline.co.uk/to...cle4735790.ece Thousands of British holidaymakers face being stranded overseas today as their tour operator, XL Leisure, prepares to declare bankruptcy. XL, the third-largest package holiday company in Britain, was trying frantically to secure a multimillion-pound rescue package last night but sources close to the negotiations said that its chances of survival were slim. Assuming that there is no last-minute rescue, the holiday company will declare bankruptcy today. This will result in its fleet of 21 aircraft being grounded, stranding holiday makers in more than 50 destinations around the world. Rival airlines are understood to have been approached to repatriate the holidaymakers from places such as Florida and the Caribbean. A source familiar with plans to rescue them said: “They are hoping to make an orderly announcement on Friday so as not to cause a panic.” Being the 3rd largest tour operator, Goa may be one of the their destinations and with quite a few Brits in Goa, I thought this would be a good heads-up. Update: Its actually happened: http://www.xl.com/ XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, Kosmar Villa Holidays plc – All in Administration (the Companies) On 12 September 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as Joint Administrators of the Companies by the Court. The Companies entered into Administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding. The Joint Administrators cannot continue trading the business and therefore all flights operated by the Companies have been immediately cancelled and the aircraft grounded. Going forward, the Joint Administrators are unlikely to be able to trade the business or operate the aircraft. All passengers who have yet to commence their travel should make alternative arrangements as detailed below.... There's so much I would want to say about this - but this is a news thread. -skk

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