- Title: Britain's Thomas Cook scrambles for $250 mln to avert collapse
- Date: 20th September 2019
- Summary: LONDON, ENGLAND, UK (FILE - NOVEMBER 22, 2011) (REUTERS) SIGN ON THOMAS COOK HIGH STREET SHOP PEOPLE WALKING BY THOMAS COOK HIGH STREET SHOP VARIOUS OF ADVERTISING IN WINDOW PEOPLE WALKING BY SHOP SIGN ON THOMAS COOK SHOP FRANKFURT, GERMANY (FILE - FEBRUARY 28, 2011) (REUTERS) TWO WOMEN AT THOMAS COOK COUNTER SIGN READING 'THOMAS COOK SERVICE' PEOPLE WITH TROLLEYS AT THOMAS COOK COUNTER THOMAS COOK STICKER ON THE BACK OF A COMPUTER MONITOR PEOPLE STANDING BY THOMAS COOK COUNTER SIGN READING, IN GERMAN: "ATTENTION, USE OUR THOMAS COOK FLIGHT MARKET" FRANKFURT AIRPORT
- Embargoed: 4th October 2019 10:40
- Keywords: Thomas Cook holiday Fosun rescue deal recapitalisation Europe debt
- Location: LONDON, MANCHESTER AND LIVERPOOL, ENGLAND, UK/ FRANKFURT, GERMANY/ PALMA DE MALLORCA, SPAIN/ UNKNOWN LOCATION
- City: LONDON, MANCHESTER AND LIVERPOOL, ENGLAND, UK/ FRANKFURT, GERMANY/ PALMA DE MALLORCA, SPAIN/ UNKNOWN LOCATION
- Country: Various
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA001AXGPYTP
- Aspect Ratio: 16:9
- Story Text: Britain's Thomas Cook scrambled on Friday (September 20) to find an extra 200 million pounds ($251 million) to satisfy its lenders and secure the survival of the world's oldest holiday company.
Last month Thomas Cook, the pioneer of the package tour, agreed key terms of a 900 million pound recapitalisation plan with Chinese shareholder Fosun and its banks.
Thomas Cook, which employs 21,000 people across 16 countries and has around 600,000 customers on holiday in Europe, warned on Friday that this could mean shareholders losing all of their investment.
The company has struggled with competition in popular destinations, high debt levels and an unusually hot summer in 2018 which reduced last-minute bookings.
Thomas Cook said on Friday it would provide further updates "in due course."
(Production: Lucy Marks)
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