Thomas Cook owes $381 million to Turkey’s Tourism Sector

Thomas Cook owes $381 million to Turkey’s Tourism Sector

Turkey’s Tourism Advisory Council said that it estimates that the travel agency, Thomas Cook owes the local sector around €350 million ($381.8 million). They added that it were to be impossible for the amount to be repaid in the short-term and medium-term.

Thomas Cook collapsed last week leaving more than 500,000 people stranded around the globe. Turkey’s Tourism Ministry had said it was working with the Finance Ministry to extend a loan package to businesses affected by the collapse.

The Advisory Council as well as members from the Turkey’s tourism associations said that affected business should be offered a much bigger loan package than the government-planned €50 million loan. They furthered that it should have long maturity terms, low interest rates, and a grave period of three years.

Smaller business should be the most prioritized, the council added.