ECONOMY

Tour operator Thomas Cook in race to avoid bankruptcy

The debt-laden British-based company has confirmed it is seeking 200 million pounds ($250 billion). (File photo:

Thomas Cook, one of the world’s oldest and largest travel companies, is facing a race against time to stay afloat.

The debt-laden British-based company has confirmed it is seeking 200 million pounds ($250 billion) in extra funding to avoid its collapse.

The company says it is in talks with stakeholders such as leading Chinese shareholder Fosun to bridge the funding gap and stave off entering administration.

Thomas Cook said in a statement on Friday that the money required would be a “seasonal stand-by facility” and come on top of the 900 million pounds it had already raised from Fosun and its lenders.

If the company goes under, an estimated 180,000 people could be stranded abroad. Thomas Cook employs 22,000 staff members around the world, including 9,000 in its home market.

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Last Update: Friday, 20 September 2019 KSA 16:59 - GMT 13:59
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