Thomas Cook seeks funding from UK govt to avoid collapse

London: Iconic British travel firm Thomas Cook has failed to find further private investment to stave off collapse and is now relying on an unlikely government bailout, a source close the matter told AFP on Saturday.

The operator said Friday that it needed USD 200 million (USD 250 million, 227 million euros) in addition to the USD 900-million rescue deal secured last month or else face administration, which could potentially trigger Britain's largest repatriation since World War II.

A source close to the negotiations told AFP that the company had failed to find the USD 200 million from private investors and would collapse unless the government intervened.

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