Britain's Thomas Cook is in talks with the government and potential investo...
) is in talks with the government and potential investors about a last-minute rescue deal to fend off a corporate collapse that would send shockwaves well beyond the travel sector.
Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needs to find another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it needs to pay hotels for their summer services. Were Thomas Cook to fail to find the funds it requires, it could be put into administration, a form of creditor protection that often precedes bankruptcy.
The British government and airline regulator have already drawn up plans in case they need to step in to bring customers home. But the fallout from any collapse would go far beyond the interrupted holidays of its customers.
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