Thomas Cook dinner is scrambling to lift £200m in additional funding because it tries to stave off the chance of administration. About 150,000 UK prospects are on holidays abroad with the journey firm. Listed below are the solutions to some key questions.
So is Thomas Cook dinner about to go bust?
If Thomas Cook dinner doesn’t safe £200m in additional financing it might collapse as early as this weekend. If it finds the funds, it should then search approval for a monetary restructuring at a courtroom listening to on Friday 27 September.
Why is the corporate on the brink?
Robust competitors from on-line rivals, in addition to Brexit, have taken their toll on a enterprise that owes £1.7bn to lenders. The corporate has additionally been hit by excessive gas costs and motels pushing up prices, whereas heatwaves throughout Europe have prompted some shoppers to remain at residence moderately than fly off to the solar.
What’s the firm saying?
On the “newest information” part of its web site, in reply to the query “Is Thomas Cook dinner going out of enterprise?”, the corporate said: “We’re engaged on recapitalisation plans to supply monetary stability for the Thomas Cook dinner Group going ahead.” It added: “All our package deal holidays proceed to stay absolutely Atol-protected. All Thomas Cook dinner Group Airways flights are unaffected and proceed to function as regular.”