Thomas Cook races to secure extra £200m – what happens for holidaymakers?

pCloud Premium

Concerned Thomas Cook customers have been bombarding the troubled tour operator with queries about the fate of their holiday plans as the firm scrambles to survive.

Fresh worries were sparked about the future of the world’s oldest travel company after Sky News revealed the business was frantically trying to raise an extra £200m following a demand by its banks.

The firm’s confirmation of the need for additional contingency funding saw shares in the travel company plummet by 20% in early trading.

The so-called “seasonal standby facility” comes on top of the £900m already raised in a proposed deal headed by its leading shareholder Fosun Tourism Group, the Chinese owner of Club Med.

Sky News learned that the 178-year-old travel agent has this week been holding emergency talks about a deal to offload its Nordic airline and tour operating units in a desperate bid to raise the cash.

Insiders said the company was examining “every possible option” as it tries to salvage a rescue deal with more than 20,000 jobs across the group at risk, including 9,000 in the UK.

Thomas Cook has sought to calm customer jitters, insisting that all its holidays and flights were operating as normal.

More from Thomas Cook

But what does it mean for holidaymakers if the operator does go under?

A collapse could trigger the biggest-ever peacetime repatriation of British citizens.

With an estimated 180,000 people potentially stranded abroad, the Civil Aviation Authority is poised to launch a taxpayer-funded airlift to bring them home.

Back in October 2017 when Monarch went bust, £60m of public money was used to get passengers back to the UK.

What about those planning to travel?

Under the ATOL guarantee scheme, customers who bought a package holiday through Thomas Cook will be financially protected.

Those with future bookings will be offered a full refund.

What about travellers who only booked flights with Thomas Cook?

Customers are likely to have to contact their credit or debit card provider to try and get their money back.

Thomas Cook: What happens for holidaymakers if travel firm goes under

Concerned Thomas Cook customers have been bombarding the troubled tour operator with queries about the fate of their holiday plans as the firm scrambles to survive. Fresh worries were sparked about the future of the world’s oldest travel company after Sky News revealed the business was frantically trying to raise an extra £200m following a demand by its banks.

pCloud Premium

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.