Tour operator and airline owner Thomas Cook said it was in
discussions with lenders and investors Friday as it sought to come up with 200
million British pounds to fund the company.
Thomas Cook's statement followed reports that company was in
immediate risk of collapse following a demand by the Royal Bank of Scotland and
other lenders that it come up with the additional funding as a contingency for
the winter months.
The BBC reported Friday afternoon that Thomas Cook has
approached the U.K. government in search of a bailout. The reported request
comes amid the specter that the 600,000 customers --approximately 150,000 of
whom are from Britain -- could be stranded. The BBC and other sources have also
reported that U.K.'s Civil Aviation Authority has developed a contingency plan
to transport Thomas Cook customers.
In August, Thomas Cook said that it had come to a
preliminary agreement with lenders and its primary investor, China-based Fosun
Tourism Company, for a 900 million pound recapitalization.
On Friday, Thomas Cook said it had received "a recent
request for a seasonal standby facility of £200 million on top of the
previously announced £900 million injection of new capital."
Thomas Cook owns several tour operators/vacation packagers,
resort brands and travel agencies, as well as the Thomas Cook and Condor
leisure airlines. The company's stock has fallen more than 90% in the past year
amid heavy financial losses and was down 26% on Friday.