Aug 12, 2019

Thomas Cook slumps as it confirms talks for extra £150m

The Financial Times revealed on Friday that Thomas Cook was in talks with bondholders to secure the additional capital, as part of a bailout involving its largest shareholder, the Chinese conglomerate Fosun, and its lending banks. Neither was enough to save the company, which subsequently reported at its half-year results in May that net debt had hit £1.2bn. Under the terms of a £750m proposed recapitalisation deal, Fosun, which owns roughly 18 per cent of Thomas Cook, would take a majority stake in Thomas Cook's tour operator business in exchange for about £450m capital, while the tour operator's lending banks would have a minority stake. In a statement, Mr Kockar said: "We believe Thomas Cook has more value and potential than what is being discussed recently, particularly with the skillset and complementary capabilities Anex Tour shall put forward. We are keen to explore further the potential strategic initiatives related to Thomas Cook and engage with the relevant stakeholders." Thomas Cook has suffered as customers have shifted from the high street to the internet, while Brexit uncertainty has added to its woe. Thomas Cook said that it had not had any contact with Mr Kockar.

Read the full story

 Related companies

Make a complaint about Thomas Cook by viewing their customer service contacts.