Sep 21, 2019

Give Thomas Cook 'real financial support', ministers urged

AFP Ministers should be ready to give Thomas Cook "Real financial support", a union representing staff at the struggling travel company has said. TSSA general secretary Manuel Cortes told Mrs Leadsom it was up to the government to save thousands of jobs and to allow Thomas Cook to "Flourish". "Thomas Cook can be a highly successful business and must be given every opportunity to flourish. I urge you to stand ready to assist Thomas Cook with real financial support." He said the government did not see its options as being between spending £200m to help Thomas Cook with its cash shortfall or £600m to repatriate its British customers abroad. Currently there are 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are British. Its financial advisers said Thomas Cook would require an additional £200m on top of the £900m already required, which would bring the total refinancing needed up to £1.1bn. Thomas Cook succeeded in finding a backer to provide the additional £200m, but the BBC understands it has since pulled out and the group of creditors will not come back to the table unless that additional funding is found.

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