The Thomas Cook Group has confirmed that it could sell or lease back a number of its aircraft as part of a strategic financial review.
According to Reuters, the 170-year-old travel company made the announcement on Monday as it struggles to negotiate “lifeline” loans totalling £1.2 billion.
While the company did not confirm the extent of its debt, nor which aircraft that could be up for sale, it rested the financial blame on the shoulders of young families with children – who are allegedly taking less flights with the company. The company issued three profit warnings of this nature last year, Reuters confirmed.
With regards to the flight status of Thomas Cook’s fleet, Planespotters.net confirms that it has 35 active planes, which have an average fleet age of around 13.7 years.
The Boeing 757 makes up the majority of the fleet, of which Thomas Cook has 18. In addition, it also has seven Airbus A320s, four Airbus A321s, three Airbus A330s and three Boeing 767s.
The statement from the world’s oldest travel company read: “Thomas Cook Group confirms that it is in advanced discussions with its banking group about extending its financing arrangements.
“In addition to the revised financing arrangements, the previously announced asset disposal programme and the sale of Thomas Cook India, the group is exploring the possible sale and leaseback of certain aircraft.”