On Wednesday (28 August), Cook announced it had broadly come to terms with its largest shareholder, Chinese travel giant Fosun, and its core lenders to secure its future.

The deal will see Fosun invest £450 million in Cook, taking a majority stake in the group tour operator and minority stake in the group airline. Cook is aiming to secure a further £450 million from its principal lenders, who will take a majority stake in the airline and a minority holding in the tour operator.

Cook expects to implement its recapitalisation proposals in early October, subject to various agreements and approvals. The operator has said it will have no impact on trade creditors or customers.

The news has been welcomed by Manuel Cortes, leader of the TSSA union in the UK and Ireland.

“This appears to be good news for our members as Thomas Cook’s presence on our high-streets looks to have been saved,” he said.

“Of course, our main concern is ensuring our members’ jobs and their terms and conditions are protected.

“We are therefore seeking an urgent meeting with Thomas Cook to gain the assurances our members need.”