Thomas Cook is in talks on a bailout that will give its largest investor Fosun Tourism control of the indebted British group’s package-tour business. Read more:
), its biggest investor, control of the indebted British group’s package-tour business, in a blow to other shareholders.
“We are committed investors, with a proven track record of turning around iconic brands including Club Med and Wolverhampton Wanderers FC,” Hong Kong-listed Fosun, which already owns an 18% stake in Thomas Cook, told Reuters. The proposal, which is subject to due diligence and further talks, will see a significant amount of Thomas Cook’s debt, which Refinitiv data shows stands at 1.8 billion pounds, converted into equity, almost wiping out existing shareholders.
Other tour operators are also facing challenges and in May Anglo-German rival TUI reported deeper first-half losses due to airline overcapacity for Spain and the grounding of its Boeing 737 MAX planes.
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