Thomas Cook asks for government bailout - report

Saturday, 21. September 2019 14:35

British travel group Thomas Cook Group plc has approached the United Kingdom's government in an effort to save off financial collapse, local media reported.

The company previously reached an agreement in principle with its biggest shareholder Fosun International Ltd. and creditor banks to receive £900 million in financial aid, but the lenders issued a last-minute demand that the travel company finds an extra £200 million.

The potential cost of bringing home passengers is put at about £600 million, although it is believed most Thomas Cook customers will be covered by travel insurance or ATOL protection, putting the government bailout into question.

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Breaking the News / MD