Thomas Cook close to unveiling rescue deal with Fosun for tour operating business - Sky News

 Thomas Cook close to unveiling rescue deal with Fosun for tour operating business - Sky News

(Reuters) - Thomas Cook Group is in advanced talks about a deal with Fosun Tourism <1992.HK> and its lenders to recapitalise its tour operating business, Sky News reported on Thursday.

The world's oldest travel company could announce the deal as soon as Friday morning, Sky News reported.

The report cited bankers as saying that under the outline of the proposed deal, Fosun and Thomas Cook's lenders would inject hundreds of millions of pounds of new equity and debt into the company.

Under the proposed deal, Fosun would become the majority-owner of Thomas Cook's tour operating arm while it would also own a minority stake in its airline division, the report said.

The report comes a month after the company said it was in talks with Fosun, its largest shareholder over a sale of its tour operating business after receiving a preliminary approach.

Thomas Cook said it had no comment on the report while Fosun Group could not be immediately reached for a comment.

(Reporting by Philip George in Bengaluru, additional reporting to Sathvik N; editing by G Crosse)

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Updated Date: Jul 12, 2019 06:05:09 IST