Thomas Cook asks for government bailout as it teeters on brink of collapse

Thomas Cook wants a government bailout to avoid taxpayers having to pay to fly some 150,000 Brits back home

A collapse would see 150,000 UK holidaymakers stranded overseas and throw the travel plans of many others into jeopardy. They agreed to stump up £750 million to save the debt-laden firm from bankruptcy. This was topped up by £150 million from other key backers to see it through the winter. The board of the troubled tour operator will meet tomorrow but a source close to the talks has said it was ‘more likely than not’ that it would enter administration.

The repatriation effort of Operation Matterhorn could take two weeks and cost around £600 million – which would be covered by the taxpayer.

WHY ARE WE PAYING

Where do they think the bail out comes from?

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Source: The Guardian - 🏆 84. / 53 Read more »