Thomas Cook has told shareholders that it may have been regularly in breach of its own borrowing limits, marking the latest setback for the travel company which is restructuring in the face of shifting consumer habits.
The group said on Friday that the board had received external advice that its current interpretation of its financing limits may have led the company to inadvertently exceed the borrowing rules in its articles of association.
The advisers raised the issue as part of Thomas Cooks strategic review of its airline, which was announced in February as it struggles to contend with Brexit uncertainty and fewer customers visiting its high street travel agents.
The announcement comes after the group issued two profit warning…
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