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