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UK holiday firm Thomas Cook agrees key terms of rescue deal

Reuters | London | Updated: 28-08-2019 11:56 IST | Created: 28-08-2019 11:52 IST
UK holiday firm Thomas Cook agrees key terms of rescue deal
Image Credit: Geograph

Thomas Cook Group said on Wednesday it had agreed the key commercial terms of a rescue package with investor Fosun Tourism, its banks and a majority of its bondholders. The British package tour operator said in July it was working to secure new investment from shareholder Fosun Tourism , which would see the Hong Kong group take control of the business at the expense of other shareholders.

The terms announced on Wednesday will see Fosun contribute 450 million pounds ($552 million) of new money in return for at least 75% of the tour operator business and 25% of the group's airline. Thomas Cook's lending banks and noteholders will stump up a further 450 million pounds for 75% of the airline and up to 25% in the tour operator business, the group said.

($1 = 0.8145 pounds)


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