Portugal to help companies affected by Thomas Cook’s bankruptcy

The Portuguese government has earmarked 150 million euros (USD 164 million) worth of credit to help local companies affected by the collapse of British travel firm Thomas Cook, the cabinet said on Friday.

Each firm is eligible for up to 1.5 million euros of credit and can apply for a loan by calling a purpose-set helpline, Reuters reports.

Portugal was little affected by cancellations of Thomas Cook flights but the tourist-packed Algarve region fears hotel bills will be left unpaid as the holiday season draws to an end.

In a statement, the government said it will also make available 2.25 million euros specifically to help the Algarve region in southern Portugal and the island of Madeira cope with the collapse.