Tour operator Thomas Cook has confirmed it is seeking £200m in extra funding as it attempts to prevent a collapse.

The company - which has a number of stores across Scotland - said it is in talks with stakeholders, including leading shareholder Chinese firm Fosun, to bridge the funding gap to stave off entering administration.

In an update to the market, it said the fundraiser is expected to significantly dilute existing shareholders' stakes in the firm, with "significant risk of no recovery".

If the company do go under, an estimated 180,000 people could be stranded abroad, while the firm employs 22,000 staff around the world, including 9000 in the UK.

Thomas Cook said the £200m needed would be a "seasonal standby facility", on top of £900m it had already raised from Fosun and its lenders.

The travel firm has suffered recently as a result of mounting debts, reporting a £1.2bn net debt in its half-year results in May.

It has also been hit hard by an influx of online competitors which has resulted in oversupply, forcing tour operators to cut prices.

In the High Court last month, barrister Tom Smith QC, who led Thomas Cook's legal team, told Mr Justice Norris that the Thomas Cook group had a "net debt position" of around £1.25bn.

He said a planned deal with Chinese tourism group Fosun would involve an injection of £900m of "new money".

Mr Smith said Thomas Cook had suffered because of a "general economic downturn", declining consumer confidence, increased competition from lower cost rivals, the effects of a heatwave in 2018, "environmental concerns" and the weak performance of sterling.

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