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Thomas Cook has approached UK government for bailout funds - FT

Sat, 21st Sep 2019 08:20

Sept 21 (Reuters) - Britain's Thomas Cook Group Plchas approached the UK government for a bailout in an attempt tosave itself from collapse after its lenders threatened to pullout of a proposed rescue deal, the Financial Times reported lateon Friday.

The move comes after the British travel firm's stakeholdersrequested an extra 200 million pounds ($250 million) in talks tofinalise the restructuring plan.

The company was locked in talks with "multiple" potentialinvestors, including the government to provide the additional200 million pounds, the FT reported https://on.ft.com/2NrDelH,citing two people briefed on the situation.

The last-minute demand for the additional funding puts the900 million pound recapitalisation plan agreed by the companywith its Chinese shareholder Fosun last month at risk,the company had earlier said on Friday.

Thomas Cook, one of the world's oldest holiday companies,could leave hundreds of thousands of holidaymakers stranded ifit fails to find funds.

Thomas Cook did not immediately respond to Reuters' requestfor comment.($1 = 0.8014 pounds)(Reporting by Bhargav Acharya in Bengaluru; editing by GilesElgood)

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