Sep 23, 2019
Thomas Cook collapses as last-ditch rescue talks fail
Thomas Cook has collapsed after last-minute negotiations aimed at saving the holiday firm failed. "The CAA said in a statement:"All Thomas Cook bookings, including flights and holidays, have now been cancelled. Thomas Cook had secured a £900m rescue deal led by its largest shareholder Chinese firm Fosun in August, but a recent demand from its lending banks to raise a further £200m in contingency funding had put the deal in doubt. The holiday company had spent all Sunday in talks with lenders trying to secure the additional funding and salvage the deal, but to no avail. Thomas Cook has blamed a series of issues for its problems including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit.
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