Thomas Cook ‘seeks further £150m’

Thomas Cook is in advanced talks with bondholders to secure an additional £150m on top of the £750m deal agreed with Fosun.

Cook is in negotiations with the Chinese conglomerate, its lending banks and a group of investors to increase the size of the sum being committed to the deal.

A large portion of the £150m is understood to be provided by bondholders, according to the Financial Times.

Podcast: Thomas Cook: future secured?

The group is hoping to finish the deal by the end of September.

The talks were held at the offices of Lazard, which is advising Fosun.

The plan to recapitalise Thomas Cook, announced last month, would see Cook’s creditors take control of its airline and a minority stake in its tour operator in a debt-for-equity swap, while Fosun acquires the travel group and a minority stake in the carrier.

Meanwhile Cook’s new investor, Turkish tour operator Neset Kockar, insisted last week he has alternative proposals to put to Cook and its banks.

Kockar took his newly acquired stake in Cook to 8% as the travel giant remained in talks.

MoreComment: Why Thomas Cook deal is unlikely to be derailed

Special Report: The future of Thomas Cook is attracting new interest

Turkish travel entrepreneur raises Thomas Cook stake

Share article

View Comments

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.