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Thomas Cook told to raise extra £200m to secure rescue deal

Operators
James Chapple
20 September 2019

Thomas Cook has acknowledged a request from its lenders to raise an additional £200 million necessary to secure a rescue deal, led by its largest shareholder.

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The setback comes ahead of what is likely to be a pivotal vote on the deal, which was this week pushed back from Wednesday (18 September) to next Friday (27 September).


City sources, cited by the national press, report Cook’s lenders have told the operator to secure the standby funding, or headroom, in addition to the £900 million restructuring package agreed with Chinese travel giant Fosun earlier.


It is understood the cash is being sought to protect against likely winter pressures. Cook has historically factored significant financial headroom into its winter preparations to firm up its balance sheet.