Thomas Cook insisted it was “ business as usual ” yesterday amid fresh speculation over its future.
Share prices in the 178-year-old travel giant plunged by 40 per cent on Friday after one City analyst branded them worthless.
Yesterday, it emerged that several US hedge funds have been buying up stock, allowing them a greater say if the firm is restructured or put up for sale.
To add to its troubles, a payment firm which works with Thomas Cook in the Nordic region – a major part of its operations – wants to extend the period it retains holidaymakers ’ cash from two days to several weeks.
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Credit card and payment firms typically seek to extend the period they retain customers’ cash if they have concerns about a firm’s financial health.
It came after Thomas Cook, which has more than 20,000 staff and 21million annual customers, reported a record £1.5billion loss.
But insiders say it has the full backing of its banks. One said: “The hedge funds which hold short positions have a vested interest in seeing the shares collapse.”
In response to concerns, Thomas Cook tweeted: “It’s business as usual.”
In a statement yesterday, a spokesman added: “In the last few days we have had a number of discussions with our suppliers to explain the ample resources we have to continue to do business as well as our strengthening liquidity position.”
