Thomas Cook says this Friday on its website that it needs extra financial resources to secure an emergency rescue deal. The company says it needs another 200 million pounds for the coming winter season (when tour operators traditionally have less cash flow) before a crucial meeting next Friday after a last-minute demand from its lenders
That amount is in addition to the 900 million pounds package that the company announced late last month and which is about to be finalised.
If the company cannot secure the extra funding, it risks going bust. The Civil Aviation Authority would then be forced to pick up the estimated 600 million pounds cost of bringing home 150,000 Britons on the UK’s biggest repatriation operation of all times.
This post was published on 20 September 2019 16:12
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