Tour operator Thomas Cook in race to avoid bankruptcy
September 20, 2019, 12:02 pm

Tour operator Thomas Cook in race to avoid bankruptcy

The debt-laden British-based company has confirmed it is seeking 200 million pounds ($250 billion). (File photo

Thomas Cook, one of the world’s oldest and largest travel companies, is facing a race against time to stay afloat.

The debt-laden British-based company has confirmed it is seeking 200 million pounds ($250 billion) in extra funding to avoid its collapse.

The company says it is in talks with stakeholders such as leading Chinese shareholder Fosun to bridge the funding gap and stave off entering administration.

Thomas Cook said in a statement on Friday that the money required would be a “seasonal stand-by facility” and come on top of the 900 million pounds it had already raised from Fosun and its lenders.

If the company goes under, an estimated 180,000 people could be stranded abroad. Thomas Cook employs 22,000 staff members around the world, including 9,000 in its home market.

Journalists visit sites affected by Saudi Aramco attack Trump says US has just sanctioned the Central Bank of Iran

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”