Aug 28, 2019
Thomas Cook to sell majority stake to China's Fosun
Troubled travel firm Thomas Cook says it has agreed a rescue deal with investor Fosun Tourism, its banks and a majority of its bondholders. Fosun will put in £450m in return for at least 75% of the tour business and 25% of the group's airline. Thomas Cook's lending banks and bondholders will contribute a further £450m for 75% of the airline and up to 25% of the tour operator business,. Fosun is already Thomas Cook's largest shareholder. Thomas Cook has also been trying for a long time to sell its airline business.
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