Thomas Cook gains extra time to secure rescue deal
Thomas Cook has delayed a crunch creditors’ vote until next week, giving the stricken tour operator more time to smooth obstacles to a GBP1.1b rescue package aimed at saving it from collapse. Fears for the future of the tour operator have been mounting, as it threatens to buckle under the weight of high debt, intense competition and one-off factors. The company, which employs 20,000 staff, including 9,000 in the UK, succeeded Monday with a courtroom application to put off a creditors’ vote over the terms of a GBP900m rescue funding injection – which could yet rise to GBP1.1b – until next week. The travel group also needs to persuade the CCAA – which administers the Atol scheme covering travel companies – that it should renew its licence at the end of Sept for another 12 months. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-09-17/unaligned/thomas-cook-gains-extra-time-to-secure-rescue-deal
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Thomas Cook gains extra time to secure rescue deal
Thomas Cook has delayed a crunch creditors’ vote until next week, giving the stricken tour operator more time to smooth obstacles to a GBP1.1b rescue package aimed at saving it from collapse. Fears for the future of the tour operator have been mounting, as it threatens to buckle under the weight of high debt, intense competition and one-off factors. The company, which employs 20,000 staff, including 9,000 in the UK, succeeded Monday with a courtroom application to put off a creditors’ vote over the terms of a GBP900m rescue funding injection – which could yet rise to GBP1.1b – until next week. The travel group also needs to persuade the CCAA – which administers the Atol scheme covering travel companies – that it should renew its licence at the end of Sept for another 12 months. <br/>
