Fosun Poised to Snap Up Thomas Cook Brand

Chinese conglomerate Fosun is close to acquiring Thomas Cook’s brand and its intellectual property assets, which could allow the business to be revived again as an online travel agent just months after collapsing into administration, the Financial Times reported. The deal to acquire the Thomas Cook assets could be announced as soon as this week, said two people briefed on the situation, although they cautioned that the deal had not been finalised. A number of other groups have been bidding, including rival travel agency, Tui. Fosun was part of the group of lenders and bondholders that sought to put together a £900m rescue package that would have saved Thomas Cook in September. But the plan collapsed after the company failed to secure an extra £200m needed to win support for the deal, sending the 178-year-old tour operator into insolvency and causing travel chaos around the world. Read more