Thomas Cook Closes In on $1.1 Billion Rescue Deal
Photo Credit: Thomas Cook airlines aircraft seats. The group is trying to conclude a rescue plan. Thomas Cook
Skift Take
Thomas Cook's chances of escaping its current financial mess still rest in the hands of Fosun and its creditors. While Wednesday's announcement is good news for travelers and the company's employees, there are still a number of hurdles to clear.
Thomas Cook has moved a step closer to securing its future after reaching a “substantial agreement” over a proposed rescue deal with shareholder Fosun Tourism Group and its creditors.
The terms of the deal will see Fosun invest $549 million (£450 million), acquiring at least 75 percent of the equity of the tour operator — subject to securing antitrust approvals — and 25 percent of the group’s airline.
Thomas Cook’s lending banks and noteholders will contribute a further $549 million (£450 million)
