Thomas Cook and Chinese Fosun International

The British travel company Thomas Cook is in even greater problems than it already did. The company needs another 200 million pounds (226 million euros) to survive the winter. Earlier this year, 900 million pounds were already pumped into the ailing company by creditors, bondholders and Chinese major shareholder Fosun.

Thomas Cook, the parent company of Neckermann, has been running poorly for a long time. In the first half of 2019, a loss of £ 1.5 billion was even recorded.

So it’s time for action. A rescue plan was agreed with which the company must raise 900 million pounds. Half of that would come from the Chinese Fosun, which in return demands 75 percent from the tour operator branch and 25 percent from the airline.

Thomas Cook wants to raise the other 450 million from banks and bondholders, who convert Thomas Cook’s debt into shares. They then receive 75 percent from the airline and 25 percent from the tour operator.

By HavaR

Leave a Reply

Please Login to comment
1 Comment threads
0 Thread replies
Most reacted comment
Hottest comment thread
1 Comment authors
TURBOII030 Recent comment authors
Notify of

The Chinese Fosun Tourism Group takes over the intellectual property of the bankrupt Thomas Cook.

For 11 million pounds, the company receives domain names, software applications and brand licenses from Thomas Cook, among others.

Fosun says Friday that it is also planning to take over Thomas Cook’s activities abroad.

comment image

comment image