Sep 22, 2019

Thomas Cook's future hanging in the balance

The future of Thomas Cook is hanging in the balance amid last minute negotiations to save the holiday firm from collapse. Banks now want the company to raise extra funds and it could fall into administration within days unless it finds £200m. Thomas Cook customers have been reminded on social media that they have Atol protection - a fund paid for through industry levies - "In the event that Thomas Cook goes into administration". As Thomas Cook customers anxiously wait to see if and how their holidays might be affected, some say they have already found themselves in "Horrible" situations abroad. Customers at a hotel in Tunisia say they were prevented from leaving the property on Saturday unless they paid extra fees - thousands of pounds in some cases - to cover what the resort says it is owed by the tour operator. Richard Stevens from Faversham in Kent said he's "Gutted" Thomas Cook is in such trouble, because he's been coming on Thomas Cook package holidays with his wife and two sons for "Donkey's years". 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.

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