Thomas Cook On Brink Of Collapse

Top bosses desperately seeking funds for bail-out

- Kate Holton

THE BRITISH government has plans in place to bring home stranded holidaymakers if Thomas Cook goes out of business, an event that would likely spark chaotic scenes at resorts and airports around the world.

The bosses of the world’s oldest travel company were meeting lenders and creditors in London on Sunday in a last-ditch attempt to raise the 200 million pounds ($250 million) they need to keep the company afloat.

Running hotels, resorts, airlines and cruises, Thomas Cook has 600,000 customers on holiday, meaning governments and insurance companies could be forced to step in and bring them home if the company goes into administration.

Unions and the opposition Labour party have urged the government to stump up the cash, but the foreign secretary appeared to dismiss that idea on Sunday.

“We don’t systematically step in with the taxpayers’ money when businesses are going under unless there’s a good strategic national interest,” Dominic Raab told the BBC, adding that plans were in place to prevent anyone from being stranded.