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Thomas Cook suspends airline sales pending Fosun deal

Thomas Cook Group has announced in a press release that it has paused the strategic review of the group's airline units, which would have likely included the sale of the airlines, pending the finalisation of a new recapitalisation plan.

"Since commencing the review, the operating environment in the European travel market has become progressively more challenging. This has impacted the Group’s underlying financial position and its ability to execute a disposal of the Airline or the Tour Operator, either in whole or parts, in a way which returns satisfactory value to the Group and its stakeholders," the British travel group said.

Thomas Cook said it was in advanced discussions with its largest shareholder, China's Fosun Tourism Group, and crediting banks regarding a GBP750 million pound (USD942 million) capital injection. The firm said that such a recapitalisation would allow it to trade over the low winter season and "invest in the business for the future".

Upon the successful completion of the recapitalisation, Fosun would own "a significant controlling stake" in the tour operator unit and a "significant...

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