Thomas cook

Thomas Cook in trouble: As we predicted the majority shareholder Arcandor, (is said to need refinance of €720 million of debt by a deadline of June 12) in Thomas Cook has filed for insolvency..

This after the German government refused to back the company, Arcandor could not come up with the Guarantees the Government wanted.

Thomas Cook brand own. Airtours, Mytravel , Panorama, Direct holidays the Going places holiday travel agents and Style holidays.

Holidaymakers who have booked with the company should not be affected, but it is likely Thomas Cook will be put up for sale.

To buy out the Majority shareholder will cost Thomas Cook in excess of 1 Billion sterling, money it does not have.