Thousands of holidaymakers could be stranded if Thomas Cook goes bust in the next few days.
The company needs to cough up millions of pounds to keep it in business and Thomas Cook are doing everything possible to make sure that happens.
It is thought that the company will sell off some of its business to get more cash to satisfy the banks who now want around £200m, in recent times a £900m financial restructuring package involving Chinese company Fosun helped Thomas Cook secure its future, this latest snag could be £200m that flys it into the ground.
If Thomas Cook do not find this cash and it does go under over 100,000 people around the world will be stranded, it is thought the cost of bringing home holiday makers will be more than the £200m needed to keep the company afloat.
Thomas Cook is one of the leading holiday firms employing thousands of people who will be feeling very nervous today about if they will still have a job by next week.
If the company does go bust, holidaymakers will still get back home, although it will be messy for a time and big delays are likely, we will have further updates on what people are to do in the event Thomas Cook goes under.
On Twitter many people have asked Thomas Cook about the speculation that the company is just about to fall of a cliff, the response is the same “I understand you might be unsettled by all the media speculation surrounding Thomas Cook. All Thomas Cook Group Airlines flights are unaffected and continue to operate as normal. ^Cal”
Brian Strutton on the BALPA website said: “It is appalling that banks that owe their very existence to handouts from the British taxpayer, show no allegiance to a great British company, Thomas Cook, when it needs help. This puts 9,000 good quality U.K. jobs needlessly at risk and puts an iconic British brand in jeopardy.
“The Government has a say in this, owning one of the key banks and still with huge influence over the other. RBS and Lloyd’s should be told by the Prime Minister to support Thomas Cook.
“If Thomas Cook goes into administration it will cost the taxpayer as much to repatriate holidaymakers as it would cost to save Thomas Cook; the Government sat on the sidelines wringing its hands when Monarch Airlines was let down by its financiers, this time Government needs to get a grip and do its bit to save Thomas Cook.”