UK’s Thomas Cook Hunts For $250 Million To Fend Off Collapse

www.oann.com | 1/22/2018 | Staff
moemajor (Posted by) Level 3
LONDON (Reuters) – Britain’s Thomas Cook said its banks had ordered the company to find an additional 200 million pounds ($251 million) of funding in order to guarantee the survival of the world’s oldest holiday company.

Thomas Cook agreed the key terms of a 900 million pound ($1.1 billion) recapitalization plan in a deal with Chinese shareholder Fosun last month, but on Thursday a source said that lenders were demanding another 200 million pounds in underwritten funds to maintain their support.

Discussions - Terms - Recapitalization - Reorganization - Company

“Discussions to agree final terms on the recapitalization and reorganization of the company are continuing between the company and a range of stakeholders,” it said in a statement.

“These discussions include a recent request for a seasonal standby facility of 200 million pounds, on top of the previously announced 900 million pounds injection of new capital.”

Source - Discussions - Thursday - Royal - Bank

A source close to the discussions said on Thursday that Royal Bank of Scotland (RBS) had hit Thomas Cook with a last minute demand for the extra...
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