Thomas Cook Group has agreed that China-based Fosun Tourism Group, already its largest shareholder, will acquire 75% of the tour-operator business and 25% of the airlines unit in return for a capital injection.
Fosun will contribute £450 million ($546 million) of new money into the group, while other lenders will contribute a further £450 million to acquire the remaining parts of the business – 25% of the tour operator and 75% of the airlines.
Fosun takes 25% stake in Thomas Cook airlines in recapitalisation