Thomas Cook in rescue talks with China’s Fosun – business live

Thomas Cook, the UK’s oldest package holiday company, is in ‘advanced discussions’ over a £750m bailout from its largest shareholder

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Thomas Cook has confirmed this morning that is in talks with its largest shareholder, China’s Fosun, over a rescue deal.

After evaluating a broad range of options to reduce our debt and to put our finances onto a more sustainable footing, the board has decided to move forward with a plan to recapitalise the business, supported by a substantial injection of new money from our long-standing shareholder, Fosun, and our core lending banks.

While this is not the outcome any of us wanted for our shareholders, this proposal is a pragmatic and responsible solution which provides the means to secure the future of the Thomas Cook business for our customers, our suppliers and our employees.

Continue reading…

Leave a Reply

Read the original at Economics | The Guardian.