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BUSINESS NEWS


Thomas Cook Group chief executive Peter Fankhauser: ‘Substantial agreement on key commercial terms’


Cook seals ‘agreement’ on key terms with Fosun


Takeover due by October subject to regulatory approval, reports Ian Taylor


Tomas Cook announced “substantial agreement” on the “key commercial terms” of its takeover by Fosun Tourism Group and its banks and bondholders last week. Te deal will see Tomas Cook’s


£1.6 billion in debt wiped out as the group’s banks swap what they are owed for equity (shares) and the company receives a £900 million injection of new capital. Tat is £150 million more than originally proposed. Tomas Cook announced in early


96 5 SEPTEMBER 2019


August that it was seeking additional capital on top of the £750 million proposed in July. Travel Weekly understands this was at the request of the banks taking “a more prudent view”. Chinese group Fosun will put in


£450 million as previously reported and Tomas Cook’s “core lending banks and noteholders” [bondholders] will put in another £450 million. Fosun will acquire “at least” 75%


of the group tour operator – which includes the retail operation – and


25% of the airline. Te debt held by the banks will be converted into “approximately 75%” of the shares in the airline and “up to 25% of new equity” in the tour operator. Te final size of the holdings remains unclear due to the intricacies of the deal and the requirements of due diligence but will be “broadly” in these proportions. Tomas Cook continued to hold


Continued on page 94 travelweekly.co.uk


BUSINESS NEWS


PICTURE: Matt Sprake


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