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It may be the end of a long road
© Tolga Akmen
The 17 years of Thomas Cook's existence were suspended on Sunday after the famous British travel agency strove to find more private investment and now relies on an unlikely government bailout plan.
The operator said Friday it needed 200 million pounds ($ 250 million), in addition to the £ 900 million bailout deal last month, otherwise thousands of holidaymakers could find themselves stranded. and require the largest repatriation of Britain from the world. Second war
A source close to the negotiations told AFP on Saturday that the company had failed to find the £ 200 million private investors and would collapse unless the government failed. # 39; intervene.
However, ministers are reluctant to intervene, fearing for the long-term viability of the pioneering operator, the Times reported Saturday, leaving it on the brink of collapse and blocking up to 150 000 British holidaymakers abroad.
"We will know tomorrow (Sunday) if an agreement is found," the source told AFP.
Conservative Party Minister Brandon Lewis told Sky News Sunday that it would be "inappropriate" for him to comment on the negotiations, but added that he hoped "that they would come to a conclusion positive ".
Shareholders and creditors of the firm were to meet Sunday from 9:00 am (08:00 GMT). The board of directors should meet in the afternoon.
The Transport Salaried Staffs Association, which represents the workers of the company, called on the government to rescue the company.
"It is up to the government to act if necessary and to preserve this iconic cornerstone of the British high street and the thousands of jobs that flow from it," said TSSA Secretary General Manuel Cortes.
"Society must be saved whatever happens."
Two years ago, the collapse of Monarch Airlines prompted the UK government to take urgent action to return 110,000 stranded passengers, costing taxpayers around £ 60m for Hiring aircraft.
The government of the day described this as the "greatest repatriation of all times in peacetime in Britain".
– Jobs at risk –
Thousands of workers could also lose their jobs. The company employs around 22,000 people worldwide, including 9,000 in Britain.
The Chinese group Fosun, which was already the largest shareholder of Thomas Cook, agreed last month to inject 450 million pounds sterling.
In return, the conglomerate listed in Hong Kong acquired a 75% stake in Thomas Cook's tourism business division and 25% of its air transport unit.
Thomas Cook revealed in May that losses in the first half were deepening after a significant write-down, in part due to Brexit-related uncertainty that delayed bookings for the summer holidays. The group, which has about 600 stores across the UK, has also been under pressure from fierce online competition.
The cabinet maker Thomas Cook created the travel company in 1841 to transport temperance supporters by train between British cities.
Soon, she organized trips abroad and became the first operator to bring British travelers to Europe under escort in 1855, the United States in 1866 and tour the world in 1872.
The company has also been a pioneer in introducing "circular tickets", products that will later become traveler's checks.
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