Family in airport

Troubled travel company Thomas Cook is in £750m rescue talks with banks and its largest shareholder, Fosun.

The measures, which have not been finalised, would see the Chinese investor buy the firm’s tour business.

Thomas Cook’s chief executive, Peter Fankhauser, said the proposal was “not the outcome any of us wanted” but insisted it was “pragmatic”.

He told the BBC that customers did not need to worry because their holiday bookings were “secure”.

Is my holiday safe?

“They can book with us without worries,” Mr Fankhauser said. “We have enough resources to operate our business so they can enjoy their holidays with us.”

And this cash injection would give the group enough money to trade through to the end of next year and invest for the future, Thomas Cook said.

When store closures and cost-cutting measures were announced at the firm earlier this year, Thomas Cook said holidaymakers could have “complete confidence” because it is an ATOL-protected business.

Protection under the ATOL – or Air Travel Organiser’s Licence – scheme means UK travellers on an air package holidays do not lose their money or become stranded abroad if a travel agent collapses.

It also covers many charter flights and means that, if the operator collapses while people are away, they can finish their holiday and be flown home at no extra cost.

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