September 20, 2019
Holiday tour operator Thomas Cook has confirmed it is seeking £200m in extra funding as it attempts to prevent a collapse.
Thomas Cook Might Go Bust. This Is What It Means For Your Holiday
Britain’s oldest package holiday firm said it is in talks with stakeholders, including leading shareholder Chinese firm Fosun, to bridge the funding gap to stave off entering administration.
The firm could go bust by Sunday, company insiders have allegedly told the Daily Mail, which would impact 22,000 staff around the world, including 9,000 in the UK.
“Discussions to agree final terms on the recapitalisation and reorganisation of the company are continuing between the company and a range of stakeholders,” said Thomas Cook in a statement.So what does this mean if you’ve got a Thomas Cook holiday booked?At this stage, it’s not known if the firm will collapse – so your holiday may remain safe. However if the firm does collapse, it’s likely an estimated 180,000 people could be stranded abroad.
People who have package holidays booked are covered by the Air Travel Organiser’s Licence scheme (ATOL), which will pay for your booked accommodation should the firm go bust. However there is a chance you might have to move to a different hotel or apartment.
If you made a payment for a flight or flight-inclusive holiday, you should have received an ATOL Certificate containing the name and ATOL number of the ATOL holder your booking is with.
“This will ensure that your payment is not at risk if the agent ceases to trade,” according to government-backed aviation regulator, the Civil Aviation Authority (CAA). So keep this information safe.
ATOL will pay to have you brought home if the airline is no longer operating, according to the BBC, and any future holidays booked should also be refunded by the scheme. (If you are abroad and the firm goes bust, you can call ATOL on on +44 (0) 333 103 6350 for advice.)Thomas Cook customers are also financially protected by travel body ABTA, which can help customers navigate the process of continuing with holiday arrangements. It’s thought bringing people home would cost the CAA £600m.
Customers are able to cancel holidays and bookings, however there will be a  sizeable cancellation fee. The later the cancellation, the higher the fee will be – if you cancel two weeks or less before, you won’t get any money back.Useful phone numbersABTA: 020 3117 0599Thomas Cook customer service: 01733 224 330Citizens Advice: 08454 040506Related... LateRooms And Super Break Go Into Administration – What You Need To Know If You've Booked With Them Worried About The Ryanair Strikes? Here's What To Do If You've Got Flights Booked The 50 Coolest Neighbourhoods In The World – How Many Have You Visited?
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