Thomas Cook Lenders Seek £200 Million to Add to Rescue

Thomas Cook’s attempt to secure a £900m rescue deal have been hampered by demands from its lending banks to secure an additional £200m funding, the Financial Times reported. The 178-year-old tour operator, which has been negotiating with its debtholders and largest shareholder Fosun on a rescue deal, had to delay a crucial hearing on the deal this week as banks including RBS and Lloyd’s pushed for an extra credit facility to be put in place to see the holiday provider through the winter season. In July, Thomas Cook presented a business plan to its lenders that showed it required £900m in financing. The rescue deal agreed by Thomas Cook will see £450m of capital put forward by Chinese conglomerate Fosun in return for control of 75 per cent of the group’s tour operator business and up to 25 per cent of its airline. Read more