Thomas Cook lenders seek GBP200m to add to rescue
Thomas Cook’s attempt to secure a GBP900m rescue deal have been hampered by demands from its lending banks to secure an additional GBP200m funding. The tour operator, which has been negotiating with its debtholders and largest shareholder Fosun on a rescue deal, had to delay a crucial hearing on the deal this week as banks including RBS and Lloyd’s pushed for an extra credit facility to be put in place to see the holiday provider through the winter season. In July, Thomas Cook presented a business plan to its lenders that showed it required GBP900m in financing. The rescue deal agreed by Thomas Cook will see GBP450m of capital put forward by Chinese conglomerate Fosun in return for control of 75% of the group’s tour operator business and up to 25% of its airline. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-09-20/unaligned/thomas-cook-lenders-seek-gbp200m-to-add-to-rescue
https://portal.staralliance.com/cms/logo.png
Thomas Cook lenders seek GBP200m to add to rescue
Thomas Cook’s attempt to secure a GBP900m rescue deal have been hampered by demands from its lending banks to secure an additional GBP200m funding. The tour operator, which has been negotiating with its debtholders and largest shareholder Fosun on a rescue deal, had to delay a crucial hearing on the deal this week as banks including RBS and Lloyd’s pushed for an extra credit facility to be put in place to see the holiday provider through the winter season. In July, Thomas Cook presented a business plan to its lenders that showed it required GBP900m in financing. The rescue deal agreed by Thomas Cook will see GBP450m of capital put forward by Chinese conglomerate Fosun in return for control of 75% of the group’s tour operator business and up to 25% of its airline. <br/>