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Thoma Cook in talks with banks

Thomas Cook said today that it is in further talks with its banks to shore up its finances after trade continued to deteriorate amid plummeting consumer confidence.

Thomas Cook said today that it is in further talks with its banks to shore up its finances after trade continued to deteriorate amid plummeting consumer confidence.

The tour operator wants to adjust the size of its debts to boost cashflow through the seasonal low point of December and January - following a similar move last month when it secured an additional £100m.

Thomas Cook - which is reportedly considering the closure of around 200 travel agencies - postponed Thursday’s publication of its full-year results until after the discussions with its banks have concluded.

The group has also suffered from the impact of the Arab spring, which has hit bookings to Tunisia and Egypt, destinations popular with France and Russia, as well as UK holidaymakers.

 

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