Thomas Cook secures billion-pound bailout
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The debt-ridden tour operator Thomas Cook has secured its future with a £1.4billion bank loan.
Yesterday Thomas Cook announced the deal with 17 lenders, including Barclays and RBS, which will come a a huge relief for millions of holidaymakers who were worried about their bookings.
The Sun reports that the company ended up £890million in debt last year.
The loan, which has been expanded from a £200million deal granted in November, gives the company three years to get back into shape.
A huge restructuring is planned and a permanent new chief executive could be announced in days.
Acting Chief Executive Officer Sam Weihagan said: "This announcement highlights the confidence our lenders have in Cook's."
Click on the image below to see Britain's best beach destinations for 2012...
Europe's best beach destinations 2012
- 9. Corralejo, Fuerteventura, Canary Islands<p> Corralejo,the largest of Fuerteventura's resorts, is a beach lover's dream. Town Beach is singled out by Tripadvisor reviewers as a perfect spot for families because of its calm waters, while breezier Flag Beach and Glass Beach are a 'paradise' for windsurfers and kitesurfers.</p>
- 8. Playa del Ingles, Gran Canaria<p> The largest resort on Gran Canaria was developed in the Sixties specifically as a tourist area and it's remained popular ever since. There's something for everyone, from families to honeymooners, nude sunbathers, to hippies... and it gets the thumbs up from all.</p>
- 7. Antalya, Turkey<p> This is the fastest growing city in Turkey, not least because of its booming tourism industry. Tourists from around the world are drawn here for the fab beaches as well as the traditional Turkish culture. Konyaalti Beach is described as 'heaven on earth' by one reviewer. The only complaint seems to be that the sea is a "little bit salty". Hmm...</p>
- 6. Albuferia, Algarve, Portugal<p> With 20 different beaches to choose from, Albufeira is praised as a "charming" holiday destination. The cliffs are magnificent, the outlook wonderful and Falesia Beach is singled out in particular: "straight out of a film" says one reviewer.</p>
- 5. Benidorm, Spain<p> Yes, it's still up there as one of the favourites for Brits. The beaches surrounding this holiday mecca are bustling with activities including waterskiing and scuba diving. Levante Beach is praised for its cleanliness, while reviewers recommend Poniente Beach for a calmer alternative to the buzzing Benidorm atmosphere.</p>
- 4. Bournemouth, England<p> Seven miles of beach and its own warm microclimate make Bournemouth the UK's favourite beach destination, according to Tripadvisor reviewers, who praise it for its stunning cleanliness and "amazing views", although one complained that it was "too far away from the shops". </p>
- 3. Puerto Alcudia, Majorca<p> With velvety white stretches of sand along five miles of gentle waters, Puerto Alcudia is the longest beach on the island. Reviewers say the gem of the beach at Aucanada is great for families, and one of the most beautiful parts of the resort, although it can get crowded: "Bring your own sunbed" says one. </p>
- 2. Icmeler, Turkey<p> The lack of a booming nightclub scene is a huge plus for the travellers who've discovered this beach resort. Boat trips, great seafood cafes and "quiet and relaxing" atmosphere are among the reasons they return here, but one reviewer advises getting to the beach early in peak season in order to get a bed by the sea - and they recommend bartering for the price.</p>
- 1. Olu Deniz, Turkey<p> The waters surrounding the small village of Olu Deniz, including the famous Blue Lagoon, are a beautiful gradient of sapphire blue, and the beach is described by Tripadvisor reviewers as "simply stunning", with a spectacular setting. Reviewers say it gets overcrowded in peak season and can also be pricey: many recommend the local beaches nearer the town for more space.</p>
- 10. Puerto Del Carmen, Lanzarote, Canary Islands<p> Lanzarote's largest resort area offers some of the island's best beaches, with calm waters all year round. The coast is a succession of lovely sandy stretches interspersed with small rocky outcroppings, including the little cove of Pena Grande, with fine white sand.</p>
