Deathwatch: Thomas Cook shares slide as more cash is sought
The company’s share price has plummeted by 75% this morning after news that it is running out of cash and is in talks with banks over upping its borrowing over the notoriously sluggish Christmas season. This comes only a month after Thomas Cook announced it had nabbed a short-term £100m loan with the winter slump specifically in mind.
All of that doesn’t look like it’s going to add up to a sunny future for the company (do you see what we did there?) and the announcement of full-year results, that were scheduled for Thursday, have been postponed while they try to secure more borrowing.
If you’ve recently booked a holiday and are feeling a bit nervous in the light of these latest developments, you should be okay as all customer orders are covered by the ATOL protection scheme and similar programmes. But the news isn’t going to do anything for consumer confidence in them.