Thomas Cook enlists China's Fosun to salvage oldest travel firm

14 Juillet, 2019, 07:12 | Auteur: Auguste Feret
  • Thomas Cook

Under the proposal, Thomas Cook will get an injection of £750 million which would provide sufficient liquidity to keep trading over the Winter 19/20 season.

According to GlobalData, a data and analytics company, Thomas Cook CEO Peter Fankhauser has confirmed that he is seeking a solution that will allow the company to continue trading in the short-term.

"We are committed investors and have extensive experience in turning around iconic brands including Club Med and Wolverhampton Wanderers FC", confidently states Fosun Tourism.

The world's oldest travel company, which has been hit by fading demand for its package holidays, high debt and a hot 2018 summer in Europe, has also been weighing approaches for its airline business and Nordic operations.

Peter Fankhauser, Chief Executive of Thomas Cook said: "After evaluating a broad range of options to reduce our debt and to put our finances onto a more sustainable footing, the Board has made a decision to move forward with a plan to recapitalise the business, supported by a substantial injection of new money from our long-standing shareholder, Fosun, and our core lending banks".

Mr Fankhauser said the sale process for the airline business was paused while Thomas Cook focused on the refinancing.

The company said that since announcing a review of its airline business in February, the operating environment in the European travel market had become progressively more challenging.

Merkel’s health is a private matter, Germans say after shaking bouts
Mrs Merkel is famously private, only rarely making public appearances with her husband. She plans to step down before the next federal parliamentary election, due in 2021.

UK envoy said Trump ditched Iran deal to spite Obama
Trump had always been critical of the deal and withdrew the United States on May 8, 2018. London Police said its terrorism command had initiated the probe into the leaking.

Star Trek actress Stephanie Niznik dead at 52
She was born in Bangor, Maine and graduated from Duke University in Durham, North Carolina with her Master's degree in Fine Arts. Going back to reflecting on her television work, Niznik is also well known for her four year run on The WB's Everwood .

On Friday, Thomas Cook stunned the market when it unveiled a debt-for-equity swap deal that would see conglomerate Fosun and its lending banks inject £750 million into the business to stave off a collapse. Thomas Cook is now looking for large amount of its external bank and bond debt will be changed into equity, and its existing shareholders' stakes will be diluted after the recapitalization.

Shares in Thomas Cook dived nearly 40 percent in early London trading yesterday, having risen 20 percent earlier in the week on rumors of a Fosun bid.

The British holiday company's tour business had 11 million customers in 2018 and produced £7.4 billion in revenue.

"Fosun is hoping that Thomas Cook's brand name and global reach will expand its business among wealthy Chinese tourists", Orient Capital Research managing director Andrew Collier told Bloomberg News.

It is one of China's so-called "gray rhino" companies - along with Dalian Wanda Group Co (萬達集團), HNA Group Co (海航集團) and Anbang Insurance Group Co (安邦保險集團) - that have come under growing scrutiny in the past few years from Chinese authorities wanting to crack down on debt-fueled foreign acquisitions.

The proposal is subject to due diligence and further discussion, among other things, Fosun said.

Conseillé:

  • Manhattan power outage affects tens of thousands, subway system

    Police officers and civilians worked together to direct traffic while firetrucks and ambulances screamed down side streets. Con Edison did not immediately respond to phone messages, and it was not clear how far the outages reached.
    Charming Charlie Is Calling It Quits

    Charming Charlie Is Calling It Quits

    Founded in 2004, Charming Charlie was known for arranging its merchandise by color, with its array including as many as 26 hues. The announcement affects more than 3,000 full- and part-time employees across the country, all of whom could lose their jobs.
    Le feuilleton Rugy se poursuit

    Le feuilleton Rugy se poursuit

    Au bord des larmes ce matin sur BFM TV , François de Rugy affirme n'avoir " absolument pas de raison de démissionner ". Et il s'est engagé à " rembourser chaque euro contesté " après les révélations de Mediapart sur des dîners fastueux .
  • Juventus : De Ligt arrive !

    Juventus : De Ligt arrive !

    Maintenant c'est officiel: l' Ajax n'a pas appelé Matthijs de Ligt pour le stage de pré-saison en Autriche. Malgré ce coup manqué, le PSG est toujours à la recherche d'un défenseur central.
    Une

    Une "Barbie - David Bowie" en édition limitée

    Il s'inspire du long-métrage culte de Kubrick, 2001, l'Odyssée de l'espace , et est aujourd'hui un morceau incontournable. Sorti le 11 juillet 1969, " Space Oddity " est également le titre d'ouverture du deuxième album du chanteur.
    Nintendo Switch Lite : L'action du constructeur fait un bond après son annonce

    Nintendo Switch Lite : L'action du constructeur fait un bond après son annonce

    C'est officiel: la nouvelle console de jeu portable de Nintendo sera commercialisée à la rentrée, à environ 200 euros. Maintenant on comprend mieux aussi pourquoi la version allégée ne peut pas se connecter à un téléviseur.
  • Epstein sought to pay off potential witnesses, US  prosecutors say

    Epstein sought to pay off potential witnesses, US prosecutors say

    Acosta had been put on the defensive over the deal, and as this scandal played out, his resignation became pretty much inevitable. Pressed on whether he had any regrets, Acosta repeatedly said circumstances had changed since then.
    Elena Delle Donne, A'ja Wilson named WNBA All-Star captains

    Elena Delle Donne, A'ja Wilson named WNBA All-Star captains

    Nurse has also played a complete 40 minutes twice this season, both in games against the Minnesota Lynx (June 12, June 22). The league's coaches will vote for the 12 reserve - three guards, five frontcourt players and four utility choices.
    Man shot and killed by police outside Tacoma ICE detention facility

    Man shot and killed by police outside Tacoma ICE detention facility

    Detectives and forensics were processing the scene Saturday morning; the man's name has not been released. The raid has sparked fears in the 10 cities targeted for enforcement; Seattle is not among them.
  • Instagram Influencer Arrested for Sex Assault: LAPD

    Instagram Influencer Arrested for Sex Assault: LAPD

    The teen and her mother said they have both filed restraining orders with the Los Angeles Police Department, Newsweek said. But it's something you learn in acting class if you study in New York City. "It gets the juices flowing".
    Un nouveau prétendant pour Pépé — Mercato Losc

    Un nouveau prétendant pour Pépé — Mercato Losc

    Maintenant, vous dire qu'il va signer au PSG , je ne vais pas vous le dire, ce serait vous mentir. L'objectif est de faire signer Nicolas au bon endroit, d'où la patience.
    Trump lashes out at social media firms as Twitter crashes

    Trump lashes out at social media firms as Twitter crashes

    The Daily Beast reported that while a full, official invite list hasn't been released, known attendees include U.S. Facebook said it had not been invited while Twitter and Reddit declined to comment.


Populaire

No lights, big city: Power outage KOs Broadway, Times Square
Saturday's outage occurred on the 42nd anniversary of a NY blackout that crippled the city during a heat wave on July 13, 1977. "We are working to restore power to 42,000 customers primarily in the Westside of Manhattan ", the company said on Twitter.

New Orleans braces as Hurricane Barry hits land nearby
But local revelers and tourists drank "hurricane" cocktails and sang arm in arm as they walked down Bourbon Street late Friday. Many businesses were also shut down or closed early in Baton Rouge, and winds were strong enough to rock large pickup trucks.

Teacher jailed for 20 years after having sex with sixth-grade student
A screenshot showing messages between the student and teacher, and a photo of the sixth grade classroom where they had sex. The 478 days she has spent behind bars already will be taken from the total time she is to serve.

Joachim Andersen transféré à l’OL — OFFICIEL
Andersen sort d'une saison pleine, au cours laquelle il a joué 34 rencontres, toutes compétitions confondues. C'est un défenseur central moderne.

U.S. probes Deutsche Bank's dealings with Malaysia's 1MDB
In a statement, Deutsche Bank said it had fully cooperated with all regulatory and law enforcement agencies that made inquiries. Tim Leissner , Goldman Sachs' former top man in southeast Asia is helping officials look at Deutsche Bank, the newspaper said.

Premier entraînement pour Pavard avec le Bayern Munich — Bundesliga
Après avoir gagné la Coupe du monde , j'étais fatigué physiquement et mentalement. Stuttgart m'a donné l'opportunité de devenir champion du monde.

Aulas aimerait prolonger Fekir — OL
Un joueur formé à la maison, champion du monde et sa génération est partie, c'est difficile de le convaincre de poursuivre. Ce n'est pas fermé, mais je préfère vous dire la vérité. " Tant qu'il est là, on travaille comme s'il allait rester.

Ligue des champions : Le PSG dans le chapeau 1
C'est la somme totale que va reverser l'UEFA aux clubs en Ligue des Champions, dont le PSG, l'OL et le LOSC . Les différentes parts de marché seront distribuées aux clubs participants de chaque association.

'Many thousands' of jobs will be lost in no-deal Brexit
Amber Rudd said she has "accepted" the possibility of a no-deal Brexit , despite having previously fiercely opposed it. But she insisted that it was in everyone's best interests to work together to secure a Brexit agreement.

La paire Mahut-Vasselin échoue d’un rien en finale — Wimbledon
Le record est toujours détenu par la finale de 1992, remportée au bout de 5h01 par la paire John Mc Enroe/Michael Stich. Nicolas Mahut et Edouard Roger-Vasselin ont perdu mais sans doute disputé l'une des plus belles finales de Wimbledon.