LONDON, Aug 28 (Reuters) - Thomas Cook Group said on Wednesday it had agreed the key commercial terms of a rescue package with investor Fosun Tourism, its banks and a majority of its bondholders.
The British package tour operator said in July it was working to secure new investment from shareholder Fosun Tourism , which would see the Hong Kong group take control of the business at the expense of other shareholders.
The terms announced on Wednesday will see Fosun contribute 450 million pounds ($552 million) of new money in return for at least 75% of the tour operator business and 25% of the group’s airline.
Thomas Cook’s lending banks and noteholders will stump up a further 450 million pounds for 75% of the airline and up to 25% in the tour operator business, the group said.
$1 = 0.8145 pounds Reporting by Paul Sandle; editing by Kate Holton