Britain's Thomas Cook urgently needs 200 million pounds ($251 million) to s...
) urgently needs 200 million pounds to satisfy its lenders or one of the world’s oldest holiday company’s could collapse in the next few days, potentially leaving hundreds of thousands of holidaymakers stranded.
Thomas Cook employs 21,000 staff and has 600,000 customers currently on holiday, mostly from Germany, Britain and Scandinavia. “These discussions include a recent request for a seasonal standby facility of 200 million pounds, on top of the previously announced 900 million pounds injection of new capital.”
A spokesman for RBS said the bank did not “recognize this characterization of events” and was working with all parties to “try and find a resolution to the funding and liquidity shortfall at Thomas Cook”. Thomas Cook’s lending banks and bondholders were to stump up a further 450 million pounds under the plan and convert their existing debt to equity, giving them in total about 75% of the airline and up to 25% in the tour operator business, the group said.If that deal is not finalised before a creditor vote on Sept. 27, then holidaymakers could be facing the second major collapse of a tour operator in as many years, after the failure of Monarch in 2017.
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