Thomas Cook on the brink of collapse

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Shares in Thomas Cook plummeted 20% on Friday after it issued a statement confirming it needed to find an extra £200m to plug a financial hole.

Thomas Cook could fall into administration this weekend unless the travel company finds £200m in extra funds needed to secure its future.

Banks, including RBS and Lloyds, insist the firm comes up with the new contingency funds in case it needs extra money during the winter months.

A collapse would leave 150,000 holidaymakers stranded and require a huge repatriation effort.

Sources insisted there were still “reasonable prospects” of a deal.

But they added that the coming 24 hours were crucial to the travel group’s survival.

The firm employs 22,000 staff, 9,000 of those in the UK. It serves 19 million customers a year in 16 different countries.


Via Sky News/ The Independent

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