British travel agency Thomas Cook fighting to prevent collapse

British travel agency Thomas Cook fighting to prevent collapse

Euronews  | Sep 20, 2019 14:31

British travel agency Thomas Cook fighting to prevent collapse

British travel agency Thomas Cook is fighting for its life.

The firm requires an additional €226 million to survive, in addition to the €1 billion it raised last month in a recapitalisation plan with Chinese shareholder Fosun.

The extra demand came from the company's banks just ahead of the winter season, traditionally the slowest period for the holiday company

Thousands of Thomas Cook's customers around the world risk being left stranded if the company collapses.

The company is telling them that is doing everything to avoid the collapse.

In the UK, authorities are alert and preparing what could be the biggest-ever peacetime repatriation of British citizens.

Thomas Cook has 21,000 employees worldwide and an estimated 22 million customers a year.

Although it raked in more than €10 billion in annual sales last year it has revealed a loss of around €1.6 billion for the first half of this year.

Thomas Cook shares have tumbled almost 20% on the London Stock Exchange.

The British Airlines Pilots Association called on the government to intervene.

The company has reassured all its customers that holidays and flights are operating as normal.

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