Thomas Cook sells majority stake to Fosun Tourism Group

Fosun Tourism Group, the largest stakeholder of Thomas Cook Group will contribute £450 million to the group and acquire 75% of the tour-operator business and 25% of the airlines unit. The deal will include Fosun’s affiliates, the company’s core lending banks and a majority of the company’s 2022 and 2023 senior noteholders. The Implementation of the proposed recapitalisation will involve a significant new capital investment and reorganisation of the group with implementation targeted for early October 2019. In its announcement back in July, Thomas Cook stated that shareholders may be given the opportunity to participate in the recapitalisation by way