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Home / Business / Thomas Cook, one of the world's oldest travel companies, is struggling to avoid bankruptcy

Thomas Cook, one of the world's oldest travel companies, is struggling to avoid bankruptcy



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Thomas Cook, a British travel company that has been around for more than 100 years, met with shareholders on Sunday in the company's fight to avoid bankruptcy.

Thomas Cook confirmed Friday that it is seeking £ 200 million in new capital. The company's largest shareholder is the Chinese investment company Fosun.

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The money required would be a "seasonal stand-by facility" and get on top of the £ 900 million new capital already raised, the company said.

Any failure to raise the necessary capital would raise questions about the jobs of the 22,000 Thomas Cook employees around the world, including 9,000 in the United Kingdom.

A collapse could leave around 1

50,000 travelers from the UK stranded, along with tens of thousands of travelers from other countries. The British government may have to hire aircraft to bring residents home.

FILE – In this photo on May 19, 2016, a Thomas Cook aircraft takes off in England. Thomas Cook, one of the world's oldest and largest travel companies, faces a race against time to stay afloat, it was announced Friday 20. September 2019. (Tim Goode / PA

Britain's Foreign Minister Dominic Raab appeared as if a government competition by the travel company was unlikely, The Guardian reported.

Thomas Cook's situation comes about six months after the Icelandic budget company Wow Air said in a statement that it has ceased operations and stranded passengers.

The Associated Press contributed to this report.


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