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Rescue hopes fade as Thomas Cook slides towards collapse

Rescue hopes fade as Thomas Cook slides towards collapse

Business
By Mark Kleinman, City editor Thomas Cook, Britain's oldest travel agent, was close to collapsing on Sunday night as last-ditch rescue talks looked like ending in catastrophic failure.Sky News has learnt that the company's creditors and the government are anticipating an announcement on Monday morning that the 178-year-old business had ceased trading - with a new Whitehall taskforce set up to address the crisis. A final decision by Thomas Cook Group's directors to appoint insolvency practitioners is expected to be taken in the early hours of Monday "barring a last-minute miracle", they added.Insiders told Sky News that the Official Receiver was expected to be involved in any insolvency process, with KPMG, the big four accountancy firm, ...
Hopes fade for Jet Airways return as shares plunge

Hopes fade for Jet Airways return as shares plunge

Business
By Sharon Marris, business reporter Hopes for Jet Airways are fading as its shares plunge and rivals rush to fill the supply gap.The airline, once India's largest private carrier, cancelled all flights indefinitely on Wednesday after lenders led by the State Bank of India refused to extend funding. On Thursday, the carrier's shares fell 26.9%, leaving it valued at around $ 260m (£199m) - far from its 2005 peak of $ 1.6bn (£1.2bn).Jet Airways and its lenders had been trying for weeks trying to find a solution to the airline's £900m debt problem.But on Wednesday Jet announced that, with no emergency funds forthcoming from the lenders or any other source, it could no longer pay for the fuel and services required to continue operations. ...