UK travel group Thomas Cook has said it is having talks with its main banks about changing its lending arrangements to help it through current difficult trading conditions.
In a statement, it said there had been a deterioration in trading in some areas of its business in the current quarter, and that its cash and liquidity position had worsened since the end of its financial year at the end of September.
Thomas Cook said that while it was still complying with its lending agreements, but that it planned to seek agreement to "adjustments that will improve its resilience if trading conditions remain difficult".
As a result, the company is to delay its announcement of its full-year results until these discussions are concluded. Thomas Cook said it expected to report a headline operating profit for the year ended September 30 broadly in line with its previous outlook.
The company is expected to report a 31% slide in underlying profits to £191.1m following a year which has seen its share price plunge 80%.
In August, Thomas Cook's chief executive resigned following a disastrous year for Europe's second-largest travel firm.
Manny Fontenla-Novoa had presided over three profit warnings in the previous 12 months linked to unrest in key holiday destinations Egypt and Tunisia and a poor performance in Thomas Cook's British division.
