Thomas Cook Group is in talks with its lenders to increase the size of rescue fundraising to £1bn
It also adds a further layer of complexity to a situation made increasingly fraught by Thomas Cook's need to finalise the rescue package in the coming weeks.
The warning was contained in a legal argument asking the courts to accelerate the process for implementing Thomas Cook's refinancing. It also highlights the huge stakes involved in the rescue effort, with 21,000 jobs - 9000 of which are in the UK - potentially jeopardised if the deal does not get over the line.
Thomas Cook's board has been meeting for the last two days to discuss the most viable path to finalising the restructuring before the company runs out of money in October.One source said on Thursday night that the deal looked"harder and more complicated than it did a few days ago". It also needs to persuade the Civil Aviation Authority, which administers the ATOL scheme that covers travel companies, that it should renew its licence at the end of September for another 12 months.
On Thursday, they closed at 5.1p, valuing the company at about £80m - down more than 93% over the last year.
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