May 17, 2019

Thomas Cook shares 'worthless', says Citigroup

AFP Shares in Thomas Cook have plunged 30% after analysts at a bank said the travel firm's shares were "Worthless". Thomas Cook's tour operations and airline are worth £738m, but its debt is around the same "And implies zero equity value", according to Citigroup. Citigroup's damning conclusion comes a day after Thomas Cook issued its third profit warning in less than a year and reported a £1.5bn half-year loss. Thomas Cook is in the process of seeking bidders for its fleet of 105 jets as it tries to raise funds for the business. Thomas Cook declined to comment on the analysts' notes.

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