Thomas Cook shares plummet 70%

Thomas Cook's share price has nosedived in early trading, with its value more than halving, after the group said it had been forced to open talks with banks to shore up its finances.

The tour operator's share price plummeted 72.9%, or 30p, to 11.5p, after the group announced it is seeking more capital following a slowdown in trading. The group, which is reportedly considering the closure of around 200 travel agencies, said it is seeking to adjust the size of its debts in order to boost cashflow. Last month the company's banks relaxed loan conditions and agreed to provide an additional £100m in short-term funds to the firm. The group this morning cancelled the publication of its full year results, adding it will not release them until the discussions are conclud...