Thomas Cook agrees to rescue package due to debt burden
The deal will see Fosun — whose Chinese parent owns Club Med — contribute £450m of new money for at least 75% of the tour operator
28 August 2019 - 18:06
London — British travel operator Thomas Cook Group said on Wednesday that it has agreed the main terms of a rescue package that will see China’s Fosun Tourism take over its tour operations, and creditor banks and bondholders acquire its airline.
The world’s oldest travel company and pioneer of the package tour, has struggled with intense competition in popular destinations, high debt levels and an unusually hot summer in 2018, which reduced its last-minute bookings...
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