Thomas Cook Shares Slump as Losses Mount

Thomas Cook Group Plc’s crisis deepened as the debt-laden travel group warned of another tough summer and said it will get a 300 million-pound ($385 million) rescue loan only if it makes progress with the sale of its airline, Bloomberg News reported. The stock fell to the lowest since 2012 Thursday and the bonds hit a record low after the world’s second-biggest tour operator posted a 1.1 billion-pound writedown at a U.K. arm hurt by the Brexit saga. Net debt jumped 40% and earnings in the second half, the high season for travel, are set to fall even compared with a disastrous 2018 that kicked off a liquidity crunch. Chief Executive Officer Peter Fankhauser warned that the firm, which invented the package holiday almost 180 years ago, is grappling with an uncertain environment across all markets. Read more