RE: Summary7 Sep 2019 17:51
Lending banks and bondholders would contribute £450m in aggregate and write off £1.7bn in existing debt in exchange for the remaining stakes in the two divisions.
That would leave shareholders being effectively wiped out by the restructuring.
EU ownership rules prohibit Fosun from controlling the Thomas Cook airline? business.
The stand-off between Thomas Cook and its pension trustees has added to the complexity of finalising the rescue bid by early October.