Thomas Cook has published a full Q&A for customers on its website amid mounting speculation over its future.
It said: “We understand you might be unsettled by all the media speculation surrounding Thomas Cook.
“The plans we have announced, and the process we continue to work through, will, when executed, provide even greater certainty for Thomas Cook’s future.
“Additionally, all our package holidays continue to be fully Atol-protected.
“We are working on recapitalisation plans to provide financial stability for the Thomas Cook Group going forward.”
The company added that if customers choose to cancel their holiday or flight, normal booking conditions and cancellation charges would apply.
“All Thomas Cook Airlines flights are unaffected and continue to operate as normal,” it said.
Shailesh Vara, MP for north-west Cambridgeshire whose constituency includes Thomas Cook’s Peterborough headquarters, tweeted on Friday: “I have today spoken with Thomas Cook whose UK HQ is in my constituency.
“Every effort is being made to secure the additional £200 million required by lenders to safeguard 9,000 UK jobs (of which 1,200 are in north-west Cambs) and protect the many holidays booked with the company.”
The problems come after lenders, including Royal Bank of Scotland and Lloyds, required Thomas Cook to secure an extra £200 million to cover any shortfall over the winter season, on top of a £900 million restructuring agreement led by Chinese conglomerate Fosun and a group of banks and stakeholders.
In a statement yesterday, Fosun, which owns Club Med, said: “Our proposed contribution of £450 million has not changed throughout this process.
“As a minority investor in Thomas Cook, and with no board representation, we are still working tirelessly with a large number of other stakeholders and interested parties to find agreement on the company’s proposed recapitalisation plan.”
A source close to the funding talks told The Times: “Thomas Cook hangs in the balance. People are still working in good faith to find a solution.”
The company’s board is expected to meet tomorrow (Sunday), but a source close to the talks told the newspaper it was “more likely than not” that it would enter administration.
Three unions representing staff working for Thomas Cook in the UK, where 9,000 people are employed, have urged the government to intervene but reports today suggested this was unlikely due to concerns about the longer-term viability of the business.
Travel agents on the Travel Gossip Facebook community have been voicing their support for the company which has an estimated 150,000 British holidaymakers abroad.
Thomas Cook Group employs a total of 21,000 staff and handles 22 million customers a year from 16 countries with a fleet of 105 aircraft.
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