Thomas Cook needs extra £200 million to avoid administration

An extra £200 million in extra funding is needed otherwise Thomas Cook could fall into administration. The airline has been told by banks including RBS and Lloyds that new contingency funds are raised in order to continue running during the winter months. The troubled carrier was hoping to seal a further rescue deal by China’s Fosun this week, however, this looks in doubt now that the banks have asked to find an extra £200 million. In August, Fosun Tourism Group, the largest stakeholder of Thomas Cook Group, contributed £450 million to the group, acquiring 75% of the tour-operator business and