Thomas Cook sale delayed
Thomas Cook’s sale of HCV to reduce its debt mountain has been delayed.
It had earlier told shareholders the €71m sale to Spanish hotel chain Iberostar was expected to complete by June 29, but it revealed today that Iberostar has asked for more time to finalise arrangements.
Thomas Cook issued a statement to London Stock Exchange this morning which said Iberostar had asked for an extension "to put in place certain completion arrangements".
Cook agreed the sale of its share of HCV, which owns five Spanish hotels and a golf club, last December, at which time Iberostar paid a €10m deposit.
Cook said today it had agreed an extension with Iberostar in return for an additional €10m deposit. The €20m is non-refundable unless Cook fails to complete the transaction in breach of its obligations.
Its statement added: "Thomas Cook and Iberostar have agreed that Iberostar will, in any event, complete the transaction by no later than 27 July 2012."
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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