A British "cannon" strikes a blow against Greek tourism!
23.11.2011
00:32
The near-bankruptcy of leading British tour operator Thomas Cook Group has a dramatic impact on the Greek tourist market...
The near-bankruptcy of leading British tour operator Thomas Cook Group has a dramatic impact on the Greek tourist market.
As announced in London today, the company has postponed the announcement of its results and is beginning negotiations with creditor banks in order to avoid bankruptcy.
The company owes more than 1 billion pounds and is finding it difficult to service the debt to its lenders.
Thomas Cook is the second largest tour operator in Europe and sends more than 1 million tourists to Greece. It is notable that a bankruptcy of a British tour operator will sweep hundreds of hotels in Greece, which have exclusive long term contracts with Thomas Cook.
At Tuesday’s meeting in the London Stock Exchange, the company’s shares recorded a decrease of 75%, since investors are fleeing in fear of immediate bankruptcy.
As announced in London today, the company has postponed the announcement of its results and is beginning negotiations with creditor banks in order to avoid bankruptcy.
The company owes more than 1 billion pounds and is finding it difficult to service the debt to its lenders.
Thomas Cook is the second largest tour operator in Europe and sends more than 1 million tourists to Greece. It is notable that a bankruptcy of a British tour operator will sweep hundreds of hotels in Greece, which have exclusive long term contracts with Thomas Cook.
At Tuesday’s meeting in the London Stock Exchange, the company’s shares recorded a decrease of 75%, since investors are fleeing in fear of immediate bankruptcy.
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