Thomas Cook wipeout forces Fosun to double down CGAThompson
Thomas Cook Group is in talks with its largest shareholder Fosun Tourism Group and lenders about a 750 million pound recapitalisation plan which would give the Chinese company control of the UK travel operator’s core tour business.
"After evaluating a broad range of options to reduce our debt and to put our finances onto a more sustainable footing, the board has decided to move forward with a plan to recapitalise the business," Thomas Cook Chief Executive Peter Fankhauser said in a statement on July 12. "While this is not the outcome any of us wanted for our shareholders, this proposal is a pragmatic and responsible solution."
The new money - which will be fresh capital as well as financing facilities - would be enough for Thomas Cook to trade over the upcoming winter season and give it flexibility to invest in the business, the company said. The proposed deal would also give Fosun a minority interest in Thomas Cook's airline business and mark one of the most significant purchases of a British company by a Chinese group in years.
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