Thomas Cook still committed to Fosun rescue deal
Thomas Cook has said it is fully committed to pushing through the proposed rescue deal package with major investor Fosun.
The tour operator and airline group was forced to reinforce its position after reports the deal was in doubt.
UK media reported some investors could attempt to block the deal with the China based conglomerate.
Thomas Cook was in last-minute talks with bondholders to get the takeover approved. It needs the backing of three quarters of bondholders to succeed.
A possible collapse of the deal is apparently being taken seriously by the UK’s Civil Aviation Authority, which has reportedly been drawing up contingency plans for a potential repatriation of customers from overseas if the company collapses.
Additionally the Telegraph newspaper reported insolvency experts from advisory firm AlixPartners are on standby ‘should rescue talks with Chinese conglomerate Fosun and other lenders fail’.
Thomas Cook hasn’t directly commented on the media speculation and remains ‘focused on completing the transaction’ it said.
"We have reached substantial agreement with Fosun and our creditors regarding key commercial terms of the recapitalisation of Thomas Cook."
Fosun also owns global resort group Club Med.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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