Thomas Cook agrees to recapitalisation terms
Thomas Cook has agreed on the key commercial terms for a GBP900m (US$1.1b) recapitalisation, which will include ownership changes at the group’s airline unit. Updating the markets Aug 28, Thomas Cook said it had reached “substantial agreement” on key commercial terms with Chinese company Fosun Tourism Group, its banks and the majority of its 2022 and 2023 senior noteholders. The deal will see Fosun inject GBP450m in return for at least 75% of Thomas Cook’s tour-operator business and 25% of its airline unit. Meanwhile, the banks and noteholders are aiming to inject another GBP450m, converting their existing debt into up to 25% of its tour-operating arm and approximately 75% of Thomas Cook’s airline unit—effectively the mirror image of the Fosun deal. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-30/unaligned/thomas-cook-agrees-to-recapitalisation-terms
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Thomas Cook agrees to recapitalisation terms
Thomas Cook has agreed on the key commercial terms for a GBP900m (US$1.1b) recapitalisation, which will include ownership changes at the group’s airline unit. Updating the markets Aug 28, Thomas Cook said it had reached “substantial agreement” on key commercial terms with Chinese company Fosun Tourism Group, its banks and the majority of its 2022 and 2023 senior noteholders. The deal will see Fosun inject GBP450m in return for at least 75% of Thomas Cook’s tour-operator business and 25% of its airline unit. Meanwhile, the banks and noteholders are aiming to inject another GBP450m, converting their existing debt into up to 25% of its tour-operating arm and approximately 75% of Thomas Cook’s airline unit—effectively the mirror image of the Fosun deal. <br/>
