Cook shareholders vote on firm’s future
Thomas Cook is to meet with shareholders today to seek approval for the sale of five of its Spanish hotels and the sale and leaseback of part of its fleet of aircraft.
The company has warned investors that if they don’t back the disposals it could collapse.
However, major shareholders including Invesco, Standard Life and Marathon have already expressed support for Thomas Cook’s strategy to turn the loss-making business around.
The operator, which last week appointed industry outsider Harriet Green as its new chief executive from July 30, will announce its interim results on Thursday. It has already revealed winter losses of £262m.
It will tell shareholders today that approval for the sell-off of some of its assets is crucial to the recent deal it reached with its lenders to extend a £1.4bn loan repayment until 2015.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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