Agents have rallied behind Thomas Cook after the historic operator, Britain’s oldest travel firm, announced it had agreed “substantial” terms on a proposed rescue deal, potentially worth up to £900 million.
Cook’s largest shareholder, Chinese travel giant Fosun, will invest £450 million to acquire 75% of the group tour operator and 25% of the group airline, splitting the current group structure in two.
Its core lenders will aim to match Fosun’s investment, converting existing debt into about 75% equity in the group airline and 25% in the tour operator.
Cook hopes to implement the proposal in early October and says there will be no impact on trade creditors or customers.
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