LONDON - The British government has plans in place to bring home stranded holidaymakers if Thomas Cook goes out of business, an event that would likely spark chaotic scenes at resorts and airports around the world.
Running hotels, resorts, airlines and cruises, Thomas Cook has 600,000 customers on holiday, meaning governments and insurance companies could be forced to step in and bring them home if the company goes out of business. Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needs to find another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it needs to pay hotels for their summer services.
The government and the aviation regulator have drawn up a plan to step in and use other airlines to bring Britons home if needed. The person familiar with the situation put the cost of that move at around 600 million pounds. News of Thomas Cook’s potential demise has sparked alarm not just across the holiday resorts and poolside bars where customers are using social media to get updates, but among its suppliers and future customers who are losing faith.
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