Thomas Cook shares have hit a record low as the firm races to raise an extra £200m to stave off collapse
There are suggestions that banks withdrew their support for the Thomas Cook rescue deal after one of the non-lender partners in the deal did the same.
Sky News correspondent Paul Kelso has tweeted a few details:
Development in Thomas Cook stand-off with banks. Bank sources indicate RBS & other lenders only withdrew support for £900m rescue plan, and demanded additional £200m in cash reserves, after another party to the deal – not a bank – withdrew its support in recent days
RBS statement: “As one of a number of lenders, RBS, has provided considerable support to Thomas Cook over many years and continues to work with all parties in order to try and find a resolution to the funding and liquidity shortfall at Thomas Cook.”
We’ve got a new story running on Thomas Cook, outlining the repercussions of the company’s potential collapse, which could reportedly happen as early as this weekend.
As Sean Farrell explains, the company’s failure could put 20,000 jobs at risk, including about 9,000 in the UK.