Iconic travel company Thomas Cook collapsed, leaving tourists stranded. Fosun Tourism’s 450 mln pound rescue attempt, which might have salvaged its stake, stands abandoned. Shareholders in the Chinese company may feel the same. sharonlamhk
Thomas Cook, the world’s oldest travel firm, collapsed on Sept. 23, stranding hundreds of thousands of holidaymakers. A 900 million pound recapitalisation plan that involved China’s Fosun Tourism fell apart after it failed to secure a deal with creditors, or a government bailout.
Thomas Cook in August said it had said that it had agreed the main terms of a package that would have given Fosun Tourism around 75% of the tour operator and 25% of the group’s airline. Thomas Cook’s lending banks and bondholders would contribute a further 450 million pounds and convert their existing debt to equity.
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