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Thomas Cook in talks with banks Thomas Cook shares dive on news of bank talks
(40 minutes later)
Thomas Cook has announced it is in talks with banks about increasing the amount of money it can borrow. Shares in Thomas Cook have opened down 62% after it announced it was in talks with banks about increasing the amount of money it can borrow.
The travel firm said it had seen a "deterioration of trading in some areas of the business in the current quarter". The travel firm said it had seen a "deterioration of trading in some areas of the business".
It said it would delay releasing its full year results until it had concluded the discussions. It also said it would delay releasing its full year results until it had concluded the discussions.
Last month, Thomas Cook announced it had arranged a new £100m credit agreement with its bankers.Last month, Thomas Cook announced it had arranged a new £100m credit agreement with its bankers.
The company has stressed that it is not currently in breach of the terms of any of its loans, but that it wanted to "improve its resilience if trading conditions remain difficult".The company has stressed that it is not currently in breach of the terms of any of its loans, but that it wanted to "improve its resilience if trading conditions remain difficult".
It said last month that the terms of an existing £150m loan and an £850m credit facility have been amended to help cashflow.It said last month that the terms of an existing £150m loan and an £850m credit facility have been amended to help cashflow.
The firm, which issued three profit warnings this year, has struggled with a slump in bookings following unrest in the Arab world.The firm, which issued three profit warnings this year, has struggled with a slump in bookings following unrest in the Arab world.
In May, it revealed that it lost £22m after cancelling 160,000 holidays to Egypt and Tunisia as a result of the countries' political unrest.In May, it revealed that it lost £22m after cancelling 160,000 holidays to Egypt and Tunisia as a result of the countries' political unrest.