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      Teller Report

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      Thomas Cook has to borrow to avoid bankruptcy, the stock market is falling

      2019-09-20T09:29:40.471Z

      The problems at the British travel and flight organization Thomas Cook are not over yet. The company announced on Friday that it had to borrow another 200 million pounds sterling (around 220 million euros) to satisfy its creditors and avert bankruptcy.


      The problems at the British travel and flight organization Thomas Cook are not over yet. The company announced on Friday that it had to borrow another 200 million pounds sterling (around 220 million euros) to satisfy its creditors and avert bankruptcy.

      That amount is in addition to the £ 900 million loan that the company announced late last month.

      "The recapitalization is likely to lead to a substantial dilution of the interests of current shares," the company said, warning that there is a risk that the entire rescue plan will fail.

      The news has a major impact on the stock market. On Friday around 11 a.m., the Thomas Cook share will be around 25 percent in the red. Earlier in the morning the value of the share was even more than halved.

      The company is suffering from fierce competition to popular destinations, a high debt burden and the unusually hot summer of 2018, which reduced the number of last-minute bookings.

      The Thomas Cook Group employs 21,000 people in sixteen countries. The company has a history that goes back to 1841, when founder Thomas Cook and his son founded the company Thomas Cook & Son, with which they arranged train journeys in England.

      Source: nunl

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