Sep 19, 2019

Thomas Cook told extra funds needed to seal rescue

Travel firm Thomas Cook has been hit with a last-minute demand to find £200m in extra funding in order to secure its future. Thomas Cook's banks are insisting the cash-strapped travel firm must come up with the new contingency funds, in case it needs extra finance to draw on during the winter months. Thomas Cook's financial difficulties have mounted over the past year, culminating with the agreement in August of a rescue deal led by Fosun, that would see the Chinese firm back a £900m refinancing of the 179-year-old British firm. Earlier this week Thomas Cook said it was "Focused on completing" the deal and is believed to be negotiating with its banks, bondholders and Fosun in an attempt to keep the rescue on track. Thomas Cook is one of the world's largest travel companies.

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