Thomas Cook is looking for 150 million pounds to survive
August 14th, 2019 Jenny Johnson No Comment People
The British tour operator hopes to obtain from its creditors £150 million needed for its survival.
In great difficulty, British tour operator Thomas Cook is in advanced discussions with its creditors to raise the £150 million necessary for its survival.
This new money would be in addition to the $750 million expected at the beginning of October as part of the takeover by the Chinese company Fosun, owner of Club Med and Thomas Cook’s largest shareholder with nearly 18 % of the capital.
The group should thus be able to face the next winter season, traditionally the weakest of the year, and « continue to invest in (its) strategy« , says the British tour operator.
Created 178 years ago, the oldest tour operator in the world is suffering from a declining demand for its vacation packages and high debt. In addition to the economic uncertainty caused by Brexit, it is losing market share to online tour operators.
On the same subject
Fallen star, indebted and sued in Russia : Viktor Philip’s interview : « I have no barriers
At home in his living room, Viktor Philip has hung a picture of Gene...
Bali beautiful in music at Balzac
For the first time in a long time, in this time of health crisis,...