• Fosun backs Cook

Thomas Cook is negotiating a refinancing with shareholder Fosun and its banks. A GBP750m cash injection is planned, alongside a debt for equity swap that will see existing shareholder interests diluted.

As a result, Fosun is likely to be the controlling shareholder of Thomas Cook’s tour operations, and a minority shareholder in the airline business. The board is recommending the moves, as a pragmatic way to secure the business.

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