As per reports, it has been revealed that Thomas Cook has been looking out for ways by which they are able to reestablish them. This seems to be the reason that they are having word with their bankers, so that they can extend their financing arrangements and finalize their deal, which is worth £1.2bn.
While addressing the main problem, the company officials were of the view that they have been suffering from financial crisis as they do not have many customers, who can take holiday packages from them.
However, providing travel packages is the main business of their company, and for now, they have been witnessing a significant loss in it. In addition, it has also been found that they started issuing warnings about the weakening condition of their company in the start of 2011.
No efforts were able to save the company from the whirlpool of financial constraints and the company had to announce in November that they can soon face bankrupt condition. While talking about the constraints in the bank deal, it is possible that banks raise questions on decreasing holdings. There has been a decline of 87% holdings in last one year. "The key issue is that even after these steps the group has too much debt and too little operating cashflow”, said the officials.
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