Chinese conglomerate Fosun will take a 75% interest in Thomas Cook's package holiday division and a 25% stake in its airline business in a 1.5bn ($1.07bn) rescue deal. It's hoped the sale will help the company stave off bankruptcy before the slower winter season begins. Thomas Cook warned the agreement, set to close in October, could see its shares removed from the London Stock Exchange. The 178-year-old firm reported a ££900m loss in the six months to April amid challenges including competition, Brexit, high fuel prices and extreme weather events.
Chinese conglomerate Fosun will take a 75% interest in Thomas Cook's package holiday division and a 25% stake in its airline business in a £900m ($1.07bn) rescue deal. It's hoped the sale will help the company stave off bankruptcy before the slower winter season begins. Thomas Cook warned the agreement, set to close in October, could see its shares removed from the London Stock Exchange. The 178-year-old firm reported a £1.5bn loss in the six months to April amid challenges including competition, Brexit, high fuel prices and extreme weather events.