Sep 19, 2019

Thomas Cook lenders seek £200m to add to rescue

Thomas Cook's attempt to secure a £900m rescue deal have been hampered by demands from its lending banks to secure an additional £200m funding. In July, Thomas Cook presented a business plan to its lenders that showed it required £900m in financing. The rescue deal agreed by Thomas Cook will see £450m of capital put forward by Chinese conglomerate Fosun in return for control of 75 per cent of the group's tour operator business and up to 25 per cent of its airline. The demand for extra funding has only come in recent weeks leaving Thomas Cook with little time to find the additional credit before court hearings to agree the rescue deal take place on September 27 and 30. RBS said: "As one of a number of lenders, RBS, has provided considerable support to Thomas Cook over many years and continues to work with all parties in order to try and find a resolution to the funding and liquidity shortfall at Thomas Cook.".

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