Bosses at Thomas Cook were meeting lenders and creditors Sunday to decide whether the world's oldest travel company could survive until Monday, or face a chaotic collapse that would be felt around the world.
Running hotels and resorts, airlines and cruises, Thomas Cook has 600,000 customers on holiday, meaning governments and insurance companies could be forced to step in and bring them home if the company goes into administration.
The management team, led by Peter Fankhauser, was meeting banks and bondholders at a London law firm Sunday morning before a board meeting in the early evening to determine whether it can continue.