Travel giant Thomas Cook fails to find private funds to avert collapse: Source

| | London
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Travel giant Thomas Cook fails to find private funds to avert collapse: Source

Sunday, 22 September 2019 | AFP | London

Iconic British travel firm Thomas Cook has failed to find further private investment to stave off collapse and is now relying on an unlikely government bailout, a source close the matter told AFP on Saturday.

The operator said Friday that it needed 200 million pound ($250 million, 227 million euros) — in addition to the 900-million pound rescue deal secured last month — or else face administration, which could potentially trigger Britain’s largest repatriation since World War II.

A source close to the negotiations told AFP the company had failed to find the 200 million pound from private investors and would collapse unless the Government intervened.

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