Europe's second biggest tour operator Thomas Cook has announced it is in negotiations with its banks about its growing £900 million debt.
As a result it plans to delay the announcement of its annual results due on Thursday.
It comes just a month after the company asked the bank for £100 million credit to see it through the quiet winter trading period.
The Thomas Cook share price opened 60% down following the news, adding to the downward spiral of the shares which have slumped 80% over the past year.
The holiday group had already issued three profits warnings this year, resulting in its chief executive Manny Fontenla-Novoa quitting in August.
It had also merged its high street travel business with the Co-operative Travel - and there were reports at the weekend that the company plans to shut 200 shops, putting 1,000 jobs at risk.
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