Chinese travel giant Fosun will stump up £450 million to acquire “at least” 75% of the group tour operator and 25% of Cook’s group airline.
Cook’s core lending banks and noteholders will aim to match Fosun’s investment, converting existing debt into around 75% equity in the group airline and 25% in the tour operator.
The proposal is set to be implement in early October. It remains subject to legal agreements, credit, investment and anti-trust approvals, performance conditions, due diligence, “risk allocation”, terms over the separation of the tour operator and airline and licence renewals.
