What's the nature of the relationship with Thomas Cook? Citi last week said Thomas Cook shares were worthless and the company will need to raise equity to stay afloat. Does WEB supply TC with hotel rooms?
Thomas Cook, the UK travel group labouring under a £1.2bn debt pile, moved to win back the confidence of suppliers and customers at the weekend as fears lingered over the viability of the business.The group said on Sunday it had held discussions with a range of suppliers to reassure them it had “ample resources” to see it through the summer holiday season.Thomas Cook’s market value plunged 40 per cent on Friday after Citigroup branded the shares worthless and that the group would likely require a capital restructuring via a new share issue or debt-for-equity swap.One payment provider in the Nordic region is in talks with the company to extend the length of time it holds on to customer payments before passing them on to Thomas Cook.
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