British tour operator Thomas Cook is in discussions with the government and potential investors to avoid bankruptcy, according to sources familiar with the matter. The oldest travel agency in the world must find another 200 million pounds (just over 220 million euros) to meet its financial deadlines.
Thomas Cook suffers from the competition of online agencies and geopolitical uncertainties that have reduced tourist attendance in many destinations. She is also heavily indebted. A board of directors is scheduled for Saturday and Sunday, the source said.
If Thomas Cook does not raise the necessary funds, the company could be placed under administration, a way to protect itself from creditors that often precedes a bankruptcy. Founded in 1841, Thomas Cook manages hotels and resorts, air routes and cruises. With 21,000 employees, it operates in 16 countries and deals with 19 million customers a year.