UK travel firm Thomas Cook holds talks to avoid a collapse - Stuff.co.nz

Thomas Cook, one of the world's oldest and largest travel companies, is holding talks with shareholders in a last-ditch bid to avoid going bankrupt.

A collapse could leave around 150,000 travellers from Britain stranded, along with tens of thousands of travellers from other countries. The British government may have to lease planes to get its citizens home.

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Thomas Cook needs NZ$398 million in extra funding to avoid a collapse.

Sunday's meeting, first reported by Sky News, is taking place at the London-based law firm Slaughter & May. Officials from Thomas Cook were not available for comment.

Thomas Cook confirmed on Friday it was seeking £200 million (NZ$398 million) in extra funding to avoid a collapse. It said it was in talks with stakeholders such as the Chinese shareholder Fosun.

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Unions have urged the British government to intervene financially to save jobs if the company cannot raise the necessary funds.

 

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https://www.stuff.co.nz/travel/news/116001606/uk-travel-firm-thomas-cook-holds-talks-to-avoid-a-collapse

2019-09-22 09:31:00Z
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