A PYMNTS Company

UK: Thomas Cook in talks to avoid collapse

By  |  September 22, 2019
Thomas Cook

Travel company Thomas Cook Group is holding last-ditch talks with key players on Sunday, September 22, in a bid to avert a collapse that will affect 150,000 UK holidaymakers abroad and put 9,000 British jobs at risk, reported the Financial Times. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The travel company is at risk of falling into administration imminently unless it finds £200 million (US$249.4 million) in extra funds. The government and the UK aviation watchdog are preparing to launch a rescue plan codenamed Operation Matterhorn.

    The foreign minister, Dominic Raab, said the government had contingency plans in place for passengers in case rescue talks failed, and sought to reassure holidaymakers that they will not end up stuck overseas. However, he downplayed the prospect of a government bailout for the firm.

    “We would wait to see and hope that [Thomas Cook] can continue but in any event, as you would expect, we’ve got the contingency planning in place to make sure that in any worst-case scenario we can support all those who might otherwise be stranded,” Raab told the Financial Times.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.