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Thomas Cook cap in hand after poor summer trading

Thomas Cook cap in hand after poor summer trading

Struggling travel company Thomas Cook Group (TCG) announced that it will need a further £150m for liquidity purposes for the winter 2019-20 season, in addition to the £750m capital injection announced in July. The company is currently in discussions with Fosun Tourism Group, its largest shareholder, together with its lenders on the terms of the transaction, including ownership restructuring of its tour operator and airline businesses, which will also see a “significant amount” of its £650m of external bank debt and €1.15bn (£1.07bn) of bond debt converted into equity, thereby diluting existing shareholders significantly.

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