Achim Schmitt | October 25, 2019
By Achim Schmitt Thomas Cook: An Industry Perspective On September 23rd, 2019, Thomas Cook – one of the world’s oldest travel companies – declared bankruptcy. The 178-year old travel firm was forced to indefinitely suspend its operations after failing to secure £200 million in emergency funding, despite having already reached an agreement for a £900 million rescue deal. But this wasn’t the first time that Thomas Cook rifled with financial struggles. The company almost went under in 2011 when its debt reached £1.24 billion – but narrowly avoided it by securing an emergency loan of £100 million. Now, 8 years later,�...
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