Thomas Cook collapses following failed rescue talks

Thomas Cook collapses following failed rescue talks

Thomas Cook has filed for compulsory liquidation after last-minute negotiations on recapitalisation fell through. The UK Civil Aviation Authority (CAA) said this morning the tour operator had “ceased trading with immediate effect.” Just days ago, Thomas Cook Group said that it was in discussions to secure a £200 million standby fund on top of a previous capital injection — a £900 million rescue package from China’s Fosun Tourism Group and other lending banks and shareholders….

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China’s Fosun Tourism Group to acquire 75% of Thomas Cook

China’s Fosun Tourism Group to acquire 75% of Thomas Cook

Thomas Cook has agreed to a rescue deal with China’s Fosun Tourism Group, its banks, and a majority of its bondholders worth £900m, the group confirmed. The deal will see Fosun, which already owns 18% of the Thomas Cook Group, acquire 75% of the tour operator business and 25% of the airlines unit in return for a £450m capital injection. Meanwhile, Thomas Cook’s lending banks and bondholders will contribute a further £450m for 75% of…

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