The British aviation authority is now preparing for chaos if Ving owner Thomas Cook is forced to cancel its flights, Bloomberg reports.

Last week, Sky News revealed that the travel giant has agreed to a $1.3 billion rescue package with Chinese company Fosun Tourism. However, the company has still not managed to complete negotiations with bondholders who must approve the deal.

If the travel giant does not receive support from at least two-thirds of bondholders, the company risks running out of money as early as this month. Money that is particularly urgent for the company, which will be making advance payments for next year's season.

To buy more time for negotiations, the Financial Times reports that the company has now tried to convince a British court to postpone a meeting scheduled for Wednesday with all bondholders. A group of hedge funds that have taken positions against the travel company are expected to demand financial compensation to approve the deal.

Charter travel pioneer Thomas Cook has long been pressured by poor profitability and has issued several profit warnings over the past year. 

If Thomas Cook, with 178 years of experience, goes under, 21,000 jobs are at risk of being lost. 

The company's shares fell 3.92 percent to 4.90 pence in Friday's trading.

Source: di.se