Thomas Cook still upbeat despite debts rise

Debts are soaring at Thomas Cook, but the stricken travel operator insists it has a bright future.

In the six months to March, Thomas Cook recorded a loss of £713m, which was about what the City expected. The shares still fell 7 per cent, or 1.5p, to 18.75p.

Sam Weihagen, the interim chief executive, forecast a possible surge in bookings to Greece if it left the euro and holidaymakers found travel there cheaper. The company said bookings to Greece from Germany were down a fifth, but had held up from elsewhere.

Its debts rose £388m to £1.39bn, which compares with shareholder equity of £160m. Mr Weihagen, however, insists the company will pull through.