Thomas Cook secures rescue funding
It’s no secret that Thomas Cook has recently fallen on hard times, but it seems that the travel firm’s bailout talks have been successful
The holiday booking giant has managed to secure £150 million winter funding from bondholders, in addition to the £750 million package agreed with Chinese tourism firm Fosun.
Thomas Cook recently announced that it needed extra funding for a proposed recapitalisation that will see it through the winter; a process that is now expected to take place in early October. The company also noted that the new funding will see Fosun – the largest shareholder – take a majority stake in the company’s tour operator business and a minority interest in the group’s airline.
“This additional capital, of approximately £150 million, will provide further liquidity headroom through the coming 2019/20 winter cash low period and ensure the business can continue to invest in its strategy,” Thomas Cook said in its trading update.
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