Thomas Cook, the UK tour operator, has confirmed the terms of a deal with the Chinese conglomerate Fosun and its debtholders that it hopes will save it from bankruptcy as it hits its winter low season.
The 179 year old travel company said on Wednesday that it had reached an agreement that Fosun would put £450m into Thomas Cook in exchange for at least 75 per cent of the equity in its tour operator business and up to 25 per cent of the group’s airline.
Its core lending banks and bondholders would put in the same amount of money for the opposite parts of the business — up to 25 per cent of the tour operator and 75 per cent of the airline.
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