Thomas Cook: welcome to the “total wipeout tour”

Stitched-up package-holiday tourists “know the routine”, said Alistair Osborne in The Times. They arrive at their hotel to find the sea view’s a building site and the pool is “frogspawn green”. But Thomas Cook shareholders are on an “even worse vacation” oddly absent from the brochure: the “near-total wipeout tour”. Investors have seen the share price crash from 140p last May to just a few pence. And under the latest rescue plan, they could now lose everything – even their “trunks”. The 178-year-old business is in talks with its biggest shareholder (the Chinese conglomerate Fosun) and lenders about a £750m cash injection, followed by a £1.6bn debt-for-equity swap. This could end up with the Chinese company taking control of the business, said Rob Davies in The Guardian. It’s not a done…

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The Week United Kingdom (Digital) - 1 Issue, V. 1236

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