Britain's Thomas Cook said its banks had ordered the company to find an add...
) said its banks had ordered the company to find an additional 200 million pounds of funding in order to guarantee the survival of the world’s oldest holiday company.
Thomas Cook agreed the key terms of a 900 million pound recapitalization plan in a deal with Chinese shareholder Fosun last month, but on Thursday a source said that lenders were demanding another 200 million pounds in underwritten funds to maintain their support. “These discussions include a recent request for a seasonal standby facility of 200 million pounds, on top of the previously announced 900 million pounds injection of new capital.”
A spokesman for RBS said the bank did not “recognize this characterization of events” and was working with all parties to “try and find a resolution to the funding and liquidity shortfall at Thomas Cook.”
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