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.
Cook and Fosun agreed a £750 million bailout in July, which rose to £900 million after Cook sought additional cash headroom ahead of the winter.
The new agreement will supersede Cook’s £300 million winter cash facility announced in May, which will now lapse.
