Dec 4, 2018
Thomas Cook shares fall nearly 60% in eight days
AFP Thomas Cook's shares continued to fall on Tuesday and have now plunged by nearly 60% in eight days. Concerns over its borrowings rose last week when it issued a second profit warning in two months and said profits would be £30m lower than expected. Last week, the company said it was not in breach of its banking arrangements. The figure is below the company's last published net debt figure of £389m. "The debt, in itself, when the operating performance was fairly good like last year, was adequate," said Leandro de Torres Zabala, a senior director at credit ratings agency S&P Global. Last week, Thomas Cook chief executive Peter Fankhauser admitted it had been a "Disappointing year" for the travel firm.
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