Thomas Cook has lined up a £750m rescue package that would leave Chinese conglomerate Fosun in control of the 178-year-old tour operator but likely to almost wipe out existing shareholders. Shares plunged more than 50 per cent after Thomas Cook revealed plans to restructure its business, while bonds rallied as investors began negotiations over a deal to swap debt for new equity to secure the company’s future.
Thomas Cook has lined up a £750m rescue package that would leave Chinese conglomerate Fosun in control of the 178-year-old tour operator but likely to almost wipe out existing shareholders. Shares plunged more than 50 per cent after Thomas Cook revealed plans to restructure its business, while bonds rallied as investors began negotiations over a deal to swap debt for new equity to secure the company’s future.
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