Struggling tour operator Thomas Cook has put its White Horse Insurance unit up for sale.

UK-based Thomas Cook is looking for up to £100 million for the organisation, according to reports in the Sunday Times.

The Dublin-based in-house insurance company will be sold as Thomas Cook tries to pay down debts.

Thomas Cook also asked shareholders to suspend borrowing limits so it can fully use its banking facilities.

However, this is a technical move, the tour operator said, and not a reflection of deterioration in its financial position.

“This does not reflect any deterioration in the trading or financial position of the group or any requirement to increase the level of external borrowing above that already agreed by the group’s current banking arrangements,” Thomas Cook said in a statement.