A Thomas Cook sign outside one of the travel company's shops in central London, November 26, 2014. Picture: REUTERS / SUZANNE PLUNKETT
“With a lot of holidays left to sell across the market, there are high levels of discounting at this early stage of the season … This is putting further pressure on margins,” Fankhauser told reporters, adding that a delay to Brexit from March 29 until October had brought no respite. . In late morning they had pared losses to trade 17.4% lower at 19p. The cost of insuring corporate debt jumped, and credit default swap markets implied a 96% probability of default over the next five years, according to Refinitiv data.
Thomas Cook wants to sell its airline business, which includes German holiday carrier Condor, to cut debt and allow it to invest in its core holiday operations.