Thomas Cook Group is negotiating a new rescue injection of GBP150 million pounds (USD181 million) from its bondholders, the tour operator said in a stock market filing.
"This additional capital... will provide further liquidity headroom through the coming 2019/20 winter cash low period and ensure the business can continue to invest in its strategy," Thomas Cook said.
The new tranche of capital would come on top of the previously agreed GBP750 million pound (USD907 million) injection from Fosun, Thomas Cook's largest shareholder, and banks. When announcing the agreement in June 2019, Thomas Cook said that the injection should be sufficient to cover its needs through the end of the year.
The British tour operator reportedly wants to conclude the new deal by the end of September.
The current restructuring plan assumes that Fosun would take majority control over the tour operating business, while Thomas Cook's airline units would be hived off into a separate legal entity owned by the bondholders and banks.
Separately, Thomas Cook said in a stock market filing on August 1, 2019, that Turkish investor Neset Kockar has increased its stake in the company from 6.7% to 8.0%. Kockar is the CEO of Turkish leisure group Anex Tour, which includes Azur Air (ZF, Krasnoyarsk Yemelyanovo) and Azur Air Ukraine (Kyiv Boryspil).
"We believe Thomas Cook has more value and potential than what is being discussed recently, particularly with the skill set and complementary capabilities Anex Tour shall put forward," Kockar said in a statement.
