UK travel firm Thomas Cook holds talks to avoid a collapse
September 22, 2019, 10:11 am

UK travel firm Thomas Cook holds talks to avoid a collapse

The collapse of Thomas Cook could leave around 150,000 travelers from Britain stranded. (File photo AP)

Thomas Cook, one of the world's oldest and largest travel companies, is holding talks with shareholders in a last-ditch bid to avoid going bankrupt.

A collapse could leave around 150,000 travelers from Britain stranded, along with tens of thousands of travelers from other countries. The British government may have to lease planes to get its citizens home.

Sunday's meeting, first reported by Sky News, is taking place at the London-based law firm Slaughter & May. Officials from Thomas Cook were not available for comment.

Thomas Cook confirmed Friday it was seeking 200 million pounds ($250 million) in extra funding to avoid a collapse. It said it was in talks with stakeholders such as the Chinese shareholder Fosun.

Thomas Cook reportedly approached the UK government for a bailout in an attempt to save itself from collapse after its lenders threatened to pull out of a proposed rescue deal, according to a report by the Financial Times.

Unions have urged the British government to intervene financially to save jobs if the company cannot raise the necessary funds.

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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.”