The world’s oldest travel company is fighting to stay in business. Lenders are threatening to pull out of a $1bn rescue deal for Thomas Cook.
The British company needs to find a further $250m to avoid collapse, which threatens the loss of around 20,000 jobs and to leave tens of thousands stranded on holiday.
The British government is being urged to intervene with the economic impact likely to spread beyond the travel industry.
Meanwhile, dozens of Thomas Cook customers at a resort in Tunisia say they are being “held hostage”. The guests say hotel staff have refused to let them leave unless they paid extra fees to cover what is owed by Thomas Cook.
Those who paid have reportedly been refunded by the tour operator.
Alex Macheras, an aviation analyst and columnist at Gulf Times, explains why Thomas Cook is struggling.
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