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9/22, 12:50 PM (Source: TeleTrader)
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Thomas Cook in rescue talks as collapse looms

Thomas Cook Group Plc's meeting was underway on Sunday with representatives of its largest shareholder and creditors to secure a liquidity package amid the immediate threat of falling into administration, maybe even overnight. The short-term gap of £200 million could leave over 160,000 Britons stuck abroad, while the tour operator and airline currently has a total of 600,000 tourists on vacation.

Fosun Tourism Group, which also controls Club Med, represents Fosun International Ltd. in the ailing company headquartered in London. It has agreed to provide half of the larger and separate funding package, worth £900 million in total.

The government has been reluctant to provide a bailout and Secretary of State for Foreign and Commonwealth Affairs Dominic Raab told the BBC "a good strategic national interest" would be required. He claimed contingencies are in place for passengers if they get stranded overseas. Sky News learned from a person familiar with the issue that the sum of £600 million, floated in the media as the potential cost for taxpayers, was "a gross overestimate."

Breaking the News / IT