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12.07.2019

Thomas Cook in rescue deal talks

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The deal will give the Asian insurance-to-drugs conglomerate control of the British company’s tour operations and a minority stake in its airline, while swapping debt for equity and issuing new shares.

The troubled company is in talks for a 750 million-pound bailout, shares plunge

Stocks impacted: Thomas Cook Group (TCG)

China’s Fosun Group said it may help fund a 750 million-pound rescue of the ailing U.K. travel firm. Thomas Cook's chief executive, Peter Fankhauser, said the proposal was "not the outcome any of us wanted" but insisted it was "pragmatic". The cash injection will give the group enough money to trade through to the end of next year and invest for the future. The news came a month after Thomas Cook said it was in talks with Fosun over the sale of its tour operating business after the Chinese firm made a preliminary approach. On Friday, Thomas Cook shares are down over 30% on the reports.

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