Thomas Cook could collapse if it fails to find £200m in the next 48 hours
The future of Thomas Cook is hanging in the balance as it struggles to find £200m.
Over 600,000 holidaymakers may find themselves stranded this weekend as Thomas Cook is on the verge of collapse.
The company could fall into administration over the weekend if it fails to secure £200m in extra funds.
The 178-year-old firm was told by banks that it needed the extra money as a contingency to see it through the winter.
Experts say tough competition from online rivals, as well as Brexit have affected earnings.
In May, Thomas Cook, who employ 20,000 staff worldwide, reported a £1.2 billion net debt in its half-year results.
According to reports, the UK Civil Aviation Authority is on standby with a repatriation plan called Operation Matterhorn. Should it go ahead, it will be the UK’s biggest repatriation in peacetime.
The potential cost of bringing home the 150,000 Britons overseas is put at about £600m.
Hi Michelle, all Thomas Cook Group Airlines flights are unaffected and continue to operate as normal. ^Kayleigh
— Thomas Cook Airlines (@TCAirlinesUK) September 20, 2019
However, at this moment in time, Thomas Cook is assuring customers that the company is operating as normal.
If you have a Thomas Cook flight already booked, purchase travel insurance immediately.