Embattled Thomas Cook has opened up that it needs to raise another £200 million to avoid collapse.
Considering the situation so far for the travel operator, Hundreds of thousands of British holidaymakers were today anxiously waiting to hear if their trips will go ahead.
In another development, it has been noted that, about 600,000 customers, including 160,000 Britons, are abroad with the operator, and many more are booked to fly out to resorts in the coming weeks.
The effect is not far-fetched from the fact that, shares in the 178-year-old company today slumped 25 per cent — down 1.14p to 3.33p — after it issued a stock exchange statement confirming it is in crunch talks with its largest shareholder, the Chinese-owned Fosun Tourism Group, as well as banks and bond holders about a £1.1 billion rescue to see it through the winter season.
It had already agreed a £900 million restructuring package but banks have demanded an extra £200 million cushion for the quieter winter months before they will sign off the package.
The situation has resulted into a complain from a customer, Chantelle Wenham-Spencer, 30, from Kent, who was going to Santa Ponsa in Majorca, said: “I’ve paid over £2,000, and we fly next Sunday so we may not even go. I’m a single mum and booked this last year, so it’s not as though we go on a lot of holidays anyway.
Source: Evening Standard