Union seeks job assurances after Thomas Cook rescue terms are agreed

The union representing staff at Thomas Cook in the UK is to seek an urgent meeting with the company over jobs after terms of a bailout with Chinese shareholder Fosun were agreed.

The Transport Salaried Staffs’ Association (TSSA) welcomed the news that a majority stake in the travel group is to be sold to Club Med owner Fosun Tourism Group as part of a £900 million rescue deal.

Under the terms set to be agreed, Fosun will acquire a 75% stake in Thomas Cook Group tour operations and 25% of its airline. 

Thomas Cook’s lending banks and noteholders will also provide a further £450 million and convert their existing debt to equity, giving them in about 75% of the airline and up to 25% in the tour operator business.

TSSA leader Manuel Cortes said: “This appears to be good news for our members as Thomas Cook’s presence on our high streets looks to have been saved.

“Of course, our main concern is ensuring that 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.”

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