Thomas Cook’s stock tumbles as it goes to the banks for financial help

Thomas Cook Group (London) has lost nearly three-quarters of its market value on the London Stock Exchange after the ailing firm admitted it had gone back to the banks for more financial help according to this report by the Press Association.

Thomas Cook Group plc is a travel company created on June 19, 2007 by the merger of Thomas Cook AG and MyTravel Group plc. At flotation on the London Stock Exchange 52% of the shares in the new company were held by the German mail order and department store corporation Arcandor (former owners of Thomas Cook AG) and 48% owned by the shareholders of MyTravel. On June 9, 2009 Arcandor filed for bankruptcy. The merger, which was backed by 99.9% of shareholders, took place through the formation of “NewCo” which effectively purchased MyTravel and Thomas Cook and was then listed on the London Stock Exchange under the name of Thomas Cook Group plc.

The Thomas Cook Group plc is the parent organization of Condor Flugdienst, Thomas Cook Airlines Scandinavia, Thomas Cook Airlines (Belgium), Thomas Cook Airlines (Canada) and Thomas Cook Airlines (UK).

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Copyright Photo: Antony J. Best.