Britain’s Thomas Cook is reportedly in talks with the government and potential investors about a last-minute rescue deal to fend off a corporate collapse that would send shockwaves well beyond the travel sector.
The world’s oldest travel company was fighting for its survival over the weekend after its lenders threatened to pull the plug on a rescue deal that has been months in the making.
Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needs to find another 200 million pounds ($250m) on top of a 900-million pound ($1.1bn) package it had already agreed on, to see it through the winter months when it needs to pay hotels for its summer services.
Al Jazeera’s Catherine Stancl reports from London.
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