Thomas Cook on brink of collapse as 180,000 risk being stranded

23 September 2019
203 Views

Thomas Cook (TCG.L) on Friday confirmed that it was seeking an extra £200m in funding in order to stave off a collapse of the travel operator — something that could leave up to 180,000 stranded abroad and put 20,000 jobs at risk.

In a statement, the 178-year-old travel company said that discussions on the final terms of its rescue deal were continuing, including with Fosun Tourism Group, its largest shareholder.

Fosun agreed in August to inject £450m into the company as part of a £900m rescue package, though Thomas Cook must still agree on the deal with its lenders.

Thomas Cook’s creditors, which include banks such as Royal Bank of Scotland (RBS.L) and Lloyds Bank (LLOY.L), have now demanded Thomas Cook secure an additional £200m in standby funding.

Sky News reported that the travel operator is holding emergency talks about a deal to sell its Nordic airline and tour operating units in an attempt to raise the cash.

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