Thomas Cook ‘close to €1.45bn deal’

Thomas Cook is close to securing a €1.45bn life-line from its lenders to secure the future of the world’s oldest travel company, which issued three profit warnings last year, the Sunday Times has reported.

The newspaper said lenders, including the Royal Bank of Scotland (RBS) and Barclays were close to approving financing, however, the deal could come at a punishing price for the struggling firm.

A spokeswoman for RBS confirmed that it was part of the lending group working to extend credit for Thomas Cook, but would not give any further details on the specifics of the deal.