Thomas Cook asks the UK Government for rescue fund
British travel company Thomas Cook Group plc has asked the UK government for a £ 200 million ($ 249 million) rescue fund.
The struggling company says it managed to secure a capital injection of £ 900 million ($ 1.122 billion), but requires more funds immediately to avoid a possible insolvency and continue operations.
Thomas Cook stated on Friday that there are active discussions with several stakeholders and lending banks. These include the Chinese Fosun Tourism Group, which has already offered to cover half of the original £ 900 million required by offering a total of £ 450 million ($ 561[ads1] million) for a 75% stake in the UK company, pending shareholder must approve. [19659003] Thomas Cook's history dates back to 1841, making it the oldest travel company in the world. Today's Group was founded in 2007, when the German Thomas Cook AG merged with British MyTravel Group plc.
A number of airlines are part of the Thomas Cook Group, including the British Thomas Cook Airlines, Germany-based Condor, Thomas Cook Airlines Scandinavia and Thomas Cook Airlines Balearics. The Belgian subsidiary Thomas Cook Airlines Belgium was wound up in October 2017. With all companies combined, more than 110 aircraft are part of the Thomas Cook Group, which consists of the Airbus A320 family, A330, Boeing 757-300 and 767-300. [19659007] Jakob Wert is an aviation journalist from Germany. He built the IFN.news website and is the editor-in-chief of the International Flight Network.
