Breaking News                 Latest News            Usa News                 Latest News

Cocoa: Korean Messenger launches Klip
great difficulties, the tour british operator Thomas Cook is in discussions advanced with its creditors in order to raise 150 million pounds necessary for its s

Thomas Cook badly in need of money

great difficulties, the tour british operator Thomas Cook is in discussions advanced with its creditors in order to raise 150 million pounds necessary for its s

Thomas Cook badly in need of money

great difficulties, the tour british operator Thomas Cook is in discussions advanced with its creditors in order to raise 150 million pounds necessary for its survival. This contribution of money would be in addition to 750 million expected in early October in the framework of its takeover by the chinese Fosun, which owns Club Med, and largest shareholder of Thomas Cook, with nearly 18 % of the capital. The group should thus be able to face the next winter season, traditionally the lowest of the year, and "continue to invest in (its) strategy", says the british tour operator.

" READ ALSO - The heat melts the value of the british tour operator Thomas Cook

in Mid-July, however, Thomas Cook explained that the $ 750 million paid by Fosun would be enough to put back on its feet, in exchange for taking control of the tour operator and of a minority stake in its airline, home. On the London stock Exchange, the share lost more than 20 % Monday after-noon. In loss of speed in the last 18 months, the title has been removed from the FTSE-250 average values listed in London at the end of 2018.

The recapitalisation of Thomas Cook will allow creditors to recover their loans in the form of shares. The company is heavily in debt, both from banks (650 million pounds) on the bond market (1.15 billion pounds).

Created 178 years ago, the oldest tour operator in the world suffers from a decreasing demand for its holiday packages and a high level of debt. In addition to the economic uncertainty caused by the Brexit, it has been losing market share in the face of the tour operators online. In 2011, penalized by the arab spring, Thomas Cook had inspired fears of a possible bankruptcy. Already heavily indebted, he had found in extremis an agreement with its banks and took drastic measures (headcount reductions, closures of travel agencies). In losses, he has achieved last year a turnover of 9.6 billion pounds. Employing a 21,000 employees, the group is now traveling 22 million customers and boasts 200 hotels and resorts.

Publish Date : 15 Ağustos 2019 Perşembe 00:00

Breaking News Headlines

What time do they close the bars, pubs and clubs in each autonomous community?
What time do they close the bars, pubs and clubs in each autonomous community?
One out of every five self-employed have at least one worker in their charge
One out of every five self-employed have at least one worker in their charge
19% of british companies that cut their earnings forecasts cited Brexit
19% of british companies that cut their earnings forecasts cited Brexit
Employment estimated that only one out of every three contracts to support entrepreneurs to survive in the present
Employment estimated that only one out of every three contracts to support entrepreneurs to survive in the present
The aircraft deliveries of Boeing recorded in July, its worst level since November 2008 for the 737 MAX
The aircraft deliveries of Boeing recorded in July, its worst level since November 2008 for the 737 MAX
In spite of the crisis in the case of Media Markt & Saturn: mother-to-group makes large profit
In spite of the crisis in the case of Media Markt & Saturn: mother-to-group makes large profit
Tug-of-war to Metro: trade group rejects billion Takeover
Tug-of-war to Metro: trade group rejects billion Takeover
Bitcoin price under $ 10,000: crypto-Scam to blame?
Bitcoin price under $ 10,000: crypto-Scam to blame?
Bitcoin-exchange-Coinbase wants to be the largest crypto-Trustee of the world
Bitcoin-exchange-Coinbase wants to be the largest crypto-Trustee of the world
How Blockchain Is Changing Social Media
How Blockchain Is Changing Social Media
Signs that You Could be a Snowboarding Instructor
Signs that You Could be a Snowboarding Instructor
4 Tips to Get the Perfect Romantic Gift for Your Partner
4 Tips to Get the Perfect Romantic Gift for Your Partner
Pages
NEWS ARCHIVES