{"id":5078,"date":"2018-12-04T14:20:26","date_gmt":"2018-12-04T14:20:26","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/thomas-cook-shares-fall-nearly-60-in-eight-days\/"},"modified":"2018-12-04T14:20:26","modified_gmt":"2018-12-04T14:20:26","slug":"thomas-cook-shares-fall-nearly-60-in-eight-days","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/thomas-cook-shares-fall-nearly-60-in-eight-days\/","title":{"rendered":"Thomas Cook shares fall nearly 60% in eight days"},"content":{"rendered":"\n
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Thomas Cook’s shares continued to fall on Tuesday and have now plunged by nearly 60% in eight days.<\/p>\n

The travel company’s bonds also dropped in value and the cost of insuring its debt against defaulting on payments reached a record high. <\/p>\n

Concerns over its borrowings rose last week when it issued a second profit warning in two months<\/a> and said profits would be \u00a330m lower than expected.<\/p>\n

Last week, the company said it was not in breach of its banking arrangements.<\/p>\n

By late Tuesday morning, the firm’s equity market value had fallen to \u00a3363m, putting it on course to be demoted from the FTSE 250 mid-cap share index.<\/p>\n

The figure is below the company’s last published net debt figure of \u00a3389m.<\/p>\n

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“The debt, in itself, when the operating performance was fairly good like last year, was adequate,” said Leandro de Torres Zabala, a senior director at credit ratings agency S&P Global.<\/p>\n

“When operating performance weakens then of course on a proportional basis the debt becomes higher.”<\/p>\n

Last week, Thomas Cook chief executive Peter Fankhauser admitted it had been a “disappointing year” for the travel firm.<\/p>\n

The company blamed its drop in profits on the prolonged summer heatwave, which led to a drop in bookings.<\/p>\n

It also said its bookings for this winter were 3% down on last year and suspended its dividend.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright AFP Thomas Cook’s shares continued to fall on Tuesday and have now plunged by nearly 60% in eight days. The travel company’s bonds also dropped in value and the cost of insuring its debt against defaulting on payments reached a record high. Concerns over its borrowings rose last week when it issued a … <\/p>\n","protected":false},"author":0,"featured_media":5079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5078"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/5079"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}