Payment intermediary to hold onto Thomas Cook's cash in latest blow to airline
A payment intermediary from the Nordic region is in talks to extend the time it holds on to consumers' money owed to the Thomas Cook Group. The firm is seeking to retain millions of pounds of holidaymakers’ money, which is usually kept for 2 days, for several weeks,. Accountancy firm Deloitte has been retained by a number of other card acquirers to advise them on their exposure to the business. It comes after a week in which the tour operator reported a half-year loss of around GBP1.5b, largely due to a write-down relating to its merger with MyTravel in 2007. Shares also slumped a further 40% Friday after analysts at Citi said there was zero value to its equity. "We remain in discussions with our Nordic card supplier and we are confident that we will reach an acceptable solution in the coming days," said the company. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-20/unaligned/payment-intermediary-to-hold-onto-thomas-cooks-cash-in-latest-blow-to-airline
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Payment intermediary to hold onto Thomas Cook's cash in latest blow to airline
A payment intermediary from the Nordic region is in talks to extend the time it holds on to consumers' money owed to the Thomas Cook Group. The firm is seeking to retain millions of pounds of holidaymakers’ money, which is usually kept for 2 days, for several weeks,. Accountancy firm Deloitte has been retained by a number of other card acquirers to advise them on their exposure to the business. It comes after a week in which the tour operator reported a half-year loss of around GBP1.5b, largely due to a write-down relating to its merger with MyTravel in 2007. Shares also slumped a further 40% Friday after analysts at Citi said there was zero value to its equity. "We remain in discussions with our Nordic card supplier and we are confident that we will reach an acceptable solution in the coming days," said the company. <br/>
