Cox & Kings is losing part of its business in India, where it is based. EbixCash, the Indian subsidiary of insurance software company Ebix, signed an agreement with Cox & Kings Ltd to take over the legacy tour operator’s business travel clients. It will transfer them to Mercury Travel, which is the corporate travel division of EbixCash.
This announcement is only the latest in a string of bad news for Cox & Kings, which closed down its Australian/New Zealand operations just last week.
Cox & Kings is $500 million in debt. Of that, $100 million is short-term debt, which is due soon. Fears are rising that the company may meet the same fate as Thomas Cook, the world-famous travel brand which collapsed Monday after 178 years in the industry.
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