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

01.10.2019 - Davydova Maria
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.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?