Thomas Cook Group Plc fell the most in a month after the debt-laden travel giant said it needs more than $1 billion for a recapitalization meant to tide it through the winter, when fewer Europeans go on vacation.

The U.K. tour operator has made “significant progress” toward finalizing a bailout including an added 150 million pounds ($181 million) from bondholders, it said in a statement Monday. That would be on top of a 750 million-pound package agreed with Cook’s main lending banks and Chinese investor Fosun.

The funds “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,” London-based Thomas Cook said.

The 178-year-old holiday firm turned to a debt-for-equity swap as it grapples with a long-term decline in the popularity of package holidays in Europe that has stoked borrowings and shrunk margins. Thomas Cook had almost 2 billion pounds of debt at the end of March.

The shares fell as much as 36%, the most since July 12, and were trading 16% lower at 8.1 pence as of 9:54 a.m. in London. The price is down by three-quarters this year, valuing the company at 120 million pounds.

Thomas Cook’s 750 million euros ($838 million) of bonds due June 2022 dropped 3 cents on the euro to 24 cents, according to data compiled by Bloomberg.

The company reiterated that its refinancing, expected to be in place in early October, will require a reorganization of the ownership of its tour operator and airline businesses as bank and bond debt is converted into equity, significantly diluting current shareholdings.

The statement made no mention of Turkish investor and tourism entrepreneur Neset Kockar, who is demanding a role in rescuing Cook after his purchase of a stake led to a temporary surge in the stock.

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Photo Credit: The Thomas Cook Stratford City store. The company is in the process of reorganizing its business. Thomas Cook