Travel group Thomas Cook battles for survival with final creditor meeting

LONDON: Bosses at Britain's Thomas Cook were meeting lenders and creditors on Sunday to decide whether the world's oldest travel company could survive until Monday, or face a chaotic collapse that would be felt around the world.

Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needs to find another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it needs to pay hotels for their summer services. The news has sparked alarm not just across the holiday resorts and poolside bars where customers are taking to social media for updates, but to the company's suppliers and future customers who are losing faith in the firm.

"We .... hope that it can continue but in any event, as you would expect, we've got the contingency planning in place to make sure that in any worst-case scenario we can support all those who might otherwise be stranded," Raab told the BBC.

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