Thomas Cook sells aircraft to raise cash
Thomas Cook has agreed to sell and lease back 17 of its aircraft to raise £183 million to strengthen its financial position.
CEO Sam Weihagen said the deal provides "substantial additional liquidity".
Giving a trading update, he added: "As expected, the first half seasonal losses have widened however, summer bookings have improved in recent weeks."
Looking forward, the Group said it expects this year to be challenging given the economic backdrop and difficult trading environment.
"The performance of our North American and French businesses has been particularly poor and is a major contributor to the increased losses in the first half," said a statement.
"Whilst our booking position for the second half is more encouraging trading will be dependant on how well the Group performs during the important lates market."
Summer UK mainstream bookings are down 9%, ahead of capacity reductions of 13%.
The Group has 19% less left to sell compared to prior year.
Average selling price is stable, up 4%, and bookings for independent and specialist businesses are up 11%.
The group’s seasonal loss from operations for the six months to end-March grew to £262.7 million from £165.8 million.
Net debt as of March 31 was £1.39 billion.
The company appointed ex-Kwik-Fit finance boss Michael Healy as chief financial officer earlier this week
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports