Thomas Cook, the tour operator has found a way of overcoming debts. It has been reported that Thomas Cook has struck a deal with its lending banks. As per reports, the deal will minimize the losses occurred to the operator in the last winter.

Its lending bank has agreed to provide it with additional £100 million. The shareholders and lenders are not convinced that the deal will prove successful in solving long-term financial problems of the tour operator. Therefore, a permanent solution to it is being thought over.

The operator was eager to book a deal with its lending bank as it didn’t want to let down its customers. Besides, the insolvency of it would also have affected its relationship with hotel and airlines. Thomas Cook’s rival Tui Travel is leaving no opportunity to disgrace Thomas Cook. Yesterday, it published an advertisement on the first page of the newspaper, claiming that it is in better shape than other holiday companies.

The troubled financial condition of the tour operator has already begun to affect its shares as this month its shares saw a plunge of 75%. The troubled economy of the UK, Europe and US are showing its impact over the business of holiday companies.

While expressing thanks to banks for striking a deal with them, Chief Executive Sam Weihagen said, “I am absolutely delighted that we have reached agreement and I would like to thank the banks for acting so swiftly…Making this arrangement with the banks will secure more jobs”.

Sam Weihagen has assured that in the coming future, they will be maximizing their revenue so that its balance sheet could be improved. It is hoped that the tour operator will be able to achieve the goals amid the troubled economy of the world.