This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-49785426
The article has changed 11 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
Thomas Cook set for last-ditch rescue talks | Thomas Cook set for last-ditch rescue talks |
(32 minutes later) | |
Thomas Cook is to hold crisis talks in a final bid to secure a rescue deal. | Thomas Cook is to hold crisis talks in a final bid to secure a rescue deal. |
The meeting with its biggest shareholder and creditors is understood to be scheduled for Sunday morning at City law firm Slaughter & May. | The meeting with its biggest shareholder and creditors is understood to be scheduled for Sunday morning at City law firm Slaughter & May. |
The tour operator could fall into administration within days unless it finds £200m in extra funds. | The tour operator could fall into administration within days unless it finds £200m in extra funds. |
It comes as holidaymakers staying at a hotel in Tunisia owed money by Thomas Cook were reportedly prevented from leaving the resort until it was paid. | It comes as holidaymakers staying at a hotel in Tunisia owed money by Thomas Cook were reportedly prevented from leaving the resort until it was paid. |
Guests at the Les Orangers beach resort in the town of Hammamet, near Tunis, said the hotel was refusing to let them leave because of concerns about Thomas Cook's future. | Guests at the Les Orangers beach resort in the town of Hammamet, near Tunis, said the hotel was refusing to let them leave because of concerns about Thomas Cook's future. |
Customers have reported that the hotel is asking visitors to pay extra money amid fears it will not be paid what it is owed by the tour operator for bookings. | Customers have reported that the hotel is asking visitors to pay extra money amid fears it will not be paid what it is owed by the tour operator for bookings. |
'Being held hostage' | |
Ryan Farmer, from Leicestershire, told BBC Radio 5 Live the hotel demanded all guests who were due to leave go to reception "to pay additional fees, obviously because of the situation with Thomas Cook". | Ryan Farmer, from Leicestershire, told BBC Radio 5 Live the hotel demanded all guests who were due to leave go to reception "to pay additional fees, obviously because of the situation with Thomas Cook". |
Security guards closed the hotel's gates as guests refused to pay the extra fee, Mr Farmer claims. | Security guards closed the hotel's gates as guests refused to pay the extra fee, Mr Farmer claims. |
He told the Stephen Nolan show: "I'd describe it as exactly the same as being held hostage." | He told the Stephen Nolan show: "I'd describe it as exactly the same as being held hostage." |
The government has been urged to step in to bail out the company amid fears its collapse could leave about 150,000 British tourists stranded. | |
Concerned customers have been reminded on social media that they have Atol protection - a fund paid for through industry levies - "in the event that Thomas Cook goes into administration". | |
The travel firm also reassured customers on Saturday night that flights continue to operate as normal. | |
Rescue call | Rescue call |
The Transport Salaried Staffs Association (TSSA) union, which represents staff at the struggling travel company, has called on Business Secretary Andrea Leadsom to save Thomas Cook "no matter what". | The Transport Salaried Staffs Association (TSSA) union, which represents staff at the struggling travel company, has called on Business Secretary Andrea Leadsom to save Thomas Cook "no matter what". |
Government sources suggest ministers are reluctant to help the firm. | Government sources suggest ministers are reluctant to help the firm. |
TSSA general secretary Manuel Cortes told Mrs Leadsom it was up to the government to save thousands of jobs and to allow Thomas Cook to "flourish". | TSSA general secretary Manuel Cortes told Mrs Leadsom it was up to the government to save thousands of jobs and to allow Thomas Cook to "flourish". |
Shadow business secretary Rebecca Long-Bailey said "all viable options" for saving the travel giant should be explored. | Shadow business secretary Rebecca Long-Bailey said "all viable options" for saving the travel giant should be explored. |
She added that "the government must consider stepping in and taking an equity stake to avoid this crisis". | She added that "the government must consider stepping in and taking an equity stake to avoid this crisis". |
BBC business editor Simon Jack reported on Saturday that government sources had questioned the financial wisdom of stepping in to save the company. | BBC business editor Simon Jack reported on Saturday that government sources had questioned the financial wisdom of stepping in to save the company. |
He said the government did not see its options as being between spending £200m to help Thomas Cook with its cash shortfall or £600m to repatriate its British customers abroad. | He said the government did not see its options as being between spending £200m to help Thomas Cook with its cash shortfall or £600m to repatriate its British customers abroad. |
Currently there are 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are British. | Currently there are 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are British. |
One of the world's largest travel companies, Thomas Cook was founded in 1841 to operate temperance day trips, and now has annual sales of £9bn. | One of the world's largest travel companies, Thomas Cook was founded in 1841 to operate temperance day trips, and now has annual sales of £9bn. |
It employs 22,000 staff, 9,000 of whom are in the UK, and serves 19 million customers a year in 16 different countries. | It employs 22,000 staff, 9,000 of whom are in the UK, and serves 19 million customers a year in 16 different countries. |
Wedding worries | Wedding worries |
Chloe Hardy from Leicestershire is due to get married in Zante in October and booked the wedding package with Thomas Cook back in June 2018. | Chloe Hardy from Leicestershire is due to get married in Zante in October and booked the wedding package with Thomas Cook back in June 2018. |
Chloe and her fiance will also have 33 family members flying out, with their trips costing more than £33,000 in total. | Chloe and her fiance will also have 33 family members flying out, with their trips costing more than £33,000 in total. |
With the big day looming, Chloe is frustrated by Thomas Cook's handling of their booking. | With the big day looming, Chloe is frustrated by Thomas Cook's handling of their booking. |
"I have emailed the wedding concierge and co-ordinator, neither has got back to me. We are unsure if we will be able to fly. Although it's Atol-protected I have booked three weeks' leave from work and there's no guarantee that I will be able to get time off if I had to rebook." | "I have emailed the wedding concierge and co-ordinator, neither has got back to me. We are unsure if we will be able to fly. Although it's Atol-protected I have booked three weeks' leave from work and there's no guarantee that I will be able to get time off if I had to rebook." |
"We've had constant questions from our family that we are unable to answer," she added. "This is causing great concern, worry and stress to all of us involved." | "We've had constant questions from our family that we are unable to answer," she added. "This is causing great concern, worry and stress to all of us involved." |
Mounting difficulties | Mounting difficulties |
Thomas Cook's financial difficulties have mounted over the past year, culminating with the agreement in August of a rescue deal led by its biggest shareholder Fosun. | Thomas Cook's financial difficulties have mounted over the past year, culminating with the agreement in August of a rescue deal led by its biggest shareholder Fosun. |
In July, Thomas Cook produced a business plan saying that it needed £900m in refinancing, up from a previous estimate of £150m. The £900m would come from Fosun, the group of creditors and some other investors. | In July, Thomas Cook produced a business plan saying that it needed £900m in refinancing, up from a previous estimate of £150m. The £900m would come from Fosun, the group of creditors and some other investors. |
The group of lenders then commissioned an independent investigation. Its financial advisers said Thomas Cook would require an additional £200m on top of the £900m already required, which would bring the total refinancing needed up to £1.1bn. | The group of lenders then commissioned an independent investigation. Its financial advisers said Thomas Cook would require an additional £200m on top of the £900m already required, which would bring the total refinancing needed up to £1.1bn. |
Thomas Cook succeeded in finding a backer to provide the additional £200m, but the BBC understands it has since pulled out. | Thomas Cook succeeded in finding a backer to provide the additional £200m, but the BBC understands it has since pulled out. |
The firm has blamed a series of problems for its profit warnings, including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit. | The firm has blamed a series of problems for its profit warnings, including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit. |
What are your rights? | What are your rights? |
If you are on a package holiday you are covered by the Air Travel Organiser's Licence scheme (Atol). | If you are on a package holiday you are covered by the Air Travel Organiser's Licence scheme (Atol). |
The scheme will pay for your accommodation abroad, although you may have to move to a different hotel or apartment. | The scheme will pay for your accommodation abroad, although you may have to move to a different hotel or apartment. |
Atol will also pay to have you brought home if the airline is no longer operating. | Atol will also pay to have you brought home if the airline is no longer operating. |
If you have holiday booked in the future you will also be refunded by the scheme. | If you have holiday booked in the future you will also be refunded by the scheme. |
If you have booked a flight-only deal you will need to apply to your travel insurance company or credit card and debit card provider to seek a refund. | If you have booked a flight-only deal you will need to apply to your travel insurance company or credit card and debit card provider to seek a refund. |
When Monarch Airlines collapsed in 2017, the government organised to bring home all the stranded passengers, whether they were covered by Atol or not. | When Monarch Airlines collapsed in 2017, the government organised to bring home all the stranded passengers, whether they were covered by Atol or not. |
Here is more information on Atol protection and Your questions answered | Here is more information on Atol protection and Your questions answered |
Are you a Thomas Cook customer or member of staff? If you've been affected by the issues raised here, you can get in touch by emailing haveyoursay@bbc.co.uk. | Are you a Thomas Cook customer or member of staff? If you've been affected by the issues raised here, you can get in touch by emailing haveyoursay@bbc.co.uk. |
Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: | Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: |
Or use the form below | Or use the form below |