Thomas Cook saw its shares plunge after a leading City broker said its shares may now be worthless.
Citigroup said that the world's oldest package holiday provider was at risk of a "vicious" cycle, as it faces an uphill struggle to recover from a £1.5 billion pre-tax loss.
Citigroup downgraded the company's stock to zero pence after the travel firm was also forced to ask lenders for £300 million in emergency funding.
READ MORE: easyJet says £275m loss 'in line with expectations'
Thomas Cook said that it had received a number of credible bids for its airline arm, which it put on the market in February, as it looks to generate cash.
Shares were down 38.9 per cent at 11.9p.
Sports Direct has revealed plans to sell property at its Derbyshire head office site in a deal which will generate £120 million for the retailer.
The listed firm, owned by retail tycoon Mike Ashley, said it is in advanced negotiations to sell the freehold properties at Brook Park East, Shirebrook.
The retail group will remain at the site, taking a 15-year lease for the property on the completion of the deal, it said.
It plans to continue to use the site for its distribution centre and office.
Cash generated by the property sale will go "towards the working capital of the company and its group operations".
Shares were up 0.9% at 295p.
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