Thomas Cook secures rescue funding

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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.