British tour operator Thomas Cook fighting to prevent collapse
Thomas Cook, one of the leading European tour operators to Maldives is facing race against time to stay in business. The world’s oldest travel company could fall into administration unless it finds £200m in extra funds needed to secure its future.
The company says it is in talks with stakeholders such as leading Chinese shareholder Fosun to bridge a funding gap. Industry analysts say there were still “reasonable prospects” of a deal and suggested the UK government could help.
Tourists have previously been reassured they will not be left out of pocket if the firm sells, splits or closes. That’s because Thomas Cook’s package holidays are Atol protected. This means customers who have booked holidays with the firm are protected and can’t get stranded abroad or be left out of pocket.
However this doesn’t apply in the case of people booking flights and accommodation separately.
Thomas Cook also number of other brands under their umbrella including tour operators, hotels and resorts.