According to the newspaper The Times, the British global travel group is having financial issues. Thomas Cook Plc is urgently looking for €1 billion to cover for the coming weak Winter season 2019/2020.
Capital injection by Fosun Tourism Group, its new Chinese shareholder, is very unlikely.
The U.K. aviation regulator is preparing for a possible collapse of the tour operator ahead of a showdown with bondholders.
The UK Civil Aviation Authority is making contingency plans for the possibility of having to repatriate “hundreds of thousands” of passengers stranded abroad, The Times said. The regulator’s preparations come ahead of an Oct. 1 deadline for renewal of Thomas Cook’s air travel organiser’s licence.
Thomas Cook employs 20,000 people and its annual revenue is set at €10 billion.
The loss-making concern, the oldest travel group in the world and founded in 1845, has a debt of around €2 billion.