News of the £400m borrowing request to its banks comes just days before a May 7 deadline for bidders to lodge expressions of interest in Thomas Cook's airline operation.
The move to seek a bigger debt buffer from its lenders underscores the problems facing the business as it contends with an inflated high street cost base even as consumers increasingly turn to digital channels to book holidays.If an agreement is reached with its lenders, the £400m of additional borrowing firepower should provide insurance against any further sharp downturn in the company's performance.
Sky News revealed last month that the strategic review of Thomas Cook's airline had triggered interest from prospective bidders for its tour operating business, as well as in the whole company. Last month, the company said it would close 21 high street shops and pare back its retail workforce as part of an attempt to exert a tighter grip on costs.The entire sector is being ravaged by a brutal price war, while industry executives say uncertainty about the timing and nature of Brexit is prompting consumers to delay booking overseas holidays.
Source: Holiday News (holidaynews.net)
If I was a banker... I wouldn't loan them a penny until AFTER this BrexitShambles was cancelled ! I would be especially worried about what May-Corbyn have planned in the next few weeks, i.e. a quick fudge to force brexit over the line before June 12th.
Remember Freddie Laker
the city source a hedge fund thats what my sources tell me!
Also known for their flight delays
And yet facebook scammers still think they'd be willing to give away free flights, and the very gullible still go along with it, cos you never know. fools
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