Since 1841 Thomas Cook sends people on vacation. Now, the oldest tour operator in the world could run out of money. The British company urgently needs 200 million pounds, otherwise the bankruptcy threatens. According to several media reports, it does not look like the British government will save the corporation.
Broadcaster BBC and Sky News report that Thomas Cook has asked the government in London for financial help. On its home page, the company confirmed that it is in talks with investors and has requested £ 200 million to get through the winter season when sales are falling. According to the BBC, Thomas Cook will not receive government aid and could possibly save himself with private funds.
The news agency AFP reports, citing negotiating circles, that Thomas Cook will also get no further financial support from investors. However, the talks between the company and the government are to continue. "We will know until tomorrow whether an agreement can be reached," the agency quoted a person involved in the negotiations. On Sunday, the board of directors of Thomas Cook is to meet.
"It continues to be negotiated hard," said a spokesman for Thomas Cook, without commenting on details. "Flights of Thomas Cook Airlines are not affected and take place normally," the company writes on its website. Accordingly, all trips are fully insured, tourists would not have to worry. Thomas Cook also includes brands such as Neckermann Reisen and Condor.
Every year, 19 million people book through Thomas Cook. There are currently around 600,000 people on vacation with the tour operator, including more than 150,000 from the UK. Who would have to pay for the return of the affected tourists, if Thomas Cook goes bankrupt, is unclear. Two years ago, in a similar case, the British government had provided assistance and paid £ 60 million to retrieve 110,000 stranded passengers of the airline Monarch Airlines.
The BBC reports that in this case, the British government assumes insurers will step in. Otherwise, the return action could cost up to 600 million pounds. According to the Guardian, the government is said to have asked other airlines to have an emergency fleet of aircraft ready to bring travelers back to the UK. In the event of bankruptcy, 21,000 jobs in 16 countries would be at risk.