Thomas Cook in rescue talks with banks

Operator is in “advanced” talks with banks to help to secure its future

The embattled tour operator Thomas Cook is in “advanced” talks with banks, it has confirmed, to help to secure its future. The discussions with banks are about extending its finance arrangements, which would help the indebted 170-year-old group to present an image of stability. The company has issued three profit warnings in the last year and has been forced to take an emergency €280 million loan. It is also mulling the possibility of selling and then leasing back some of its 90 aircraft.
“These discussions are part of the result of the strategic review the group has undertaken since agreeing terms of a new facility in November 2011,” Thomas Cook said in a statement.
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