Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free
travellerswith Thomas Cook UKare stranded as the company declared bankruptcy.
Thomas Cook Indiais a separate entity from Thomas Cook UK after it was acquired by Prem Watsa’s Fairfax Financial Holdings in 2012.
- The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019.
Here’s why – Thomas Cook India is a completely separate entity from Thomas Cook UK, after it was acquired by Canada based Fairfax Financial Holdings in 2012.
Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa, and had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited.
“We believe that it is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth,” said Madhavan Menon, Chairman & Managing Director, Thomas Cook (India).
The Indian entity has released its financial report to ensure travellers of its safety from all the financial crisis. “The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019. On a standalone basis, Thomas Cook India is debt-free upon pre-payment of ₹670 million debenture obligations ahead of schedule,” said the company’s statement.
Thomas Cook UK left the travellers in for a rude shock, as it collapsed and declared bankruptcy. As many as 600,000 travellers across the world, stranded. One of the world’s oldest travel booking firms, Thomas Cook UK was struggling to get an additional $249 million in emergency funding on Sunday, which failed leading to the crisis.