Sep 29, 2019

Thomas Cook boss 'sorry' over collapse but defends pay and bonus

The boss of collapsed Thomas Cook has said he is "Deeply sorry" over the historic travel firm's liquidation. The size of Mr Fankhauser's pay and bonuses has attracted criticism from Thomas Cook staff, unions, and politicians. He defended his pay saying it was not "Outrageous" compared with other bosses in the FTSE 250 index, which Thomas Cook exited last December. In a separate interview with The Sunday Times, Mr Fankhauser, a Swiss national, appeared to blame a group of banks for not supporting a bail-out plan for Thomas Cook. Thomas Cook had secured a £900m rescue deal led by its largest shareholder Chinese firm Fosun in August, but a recent demand from its banks to raise a further £200m in contingency funding put the deal in doubt.

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