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UK travel giant Thomas Cook faces collapse

Thomas Cook’s 178-year existence was hanging by a thread on Sunday after the iconic British travel firm struggled to find further private investment and is now relying on an unlikely government bailout. The operator said Friday that it needed £200 million ($250 million) — in addition to the £900-million rescue deal secured last month — or else face administration, which could leave thousands of holidaymakers stranded and require Britain’s largest repatriation since World War II. A source close to the negotiations told AFP on Saturday that the company had failed to find the £200 million from private investors and would collapse unless the government intervened. But ministers are unlikely to step in due to w ...
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