unitedman57 wrote:They however appear to have the backing of the german banks who have supposedly given them backing till 2015.
This backing from the banks is an extension by three years to pay their debts because they're in difficulty.
If they hadn't had the agreement from the shareholders to sell off its investments in a Spanish hotel business, the sale and leaseback of some of its aircraft and to sell its Indian business for £94m.they would have gone into administration. According to the information sent out to shareholders they wouldn't have got further than 15th June 2012 if they weren't able to do the sell-off. The problem now is will they find the buyers they need? Hopefully they have them lined up ready but I doubt this in the current economic climate. The other worry is that banks can withdraw their backing at any time (as they recently did to Peacocks which was a successful business).
I think it's a case of watch this space. Just hope everyone booked with a credit card as we can all claim for consequential losses if the worst comes to the worst.