Thomas Cook passes under the control of the Chinese

Thomas Cook today announced advanced discussions with the Chinese conglomerate Fosun Tourism and its main lending banks to inject £750 million of new funds into the Group. As a result of these discussions, the tour operating business would be majority owned by Fosun Tourism, owner of Club Med, and the airline business would remain owned by Thomas Cook Group plc.

Thomas Cook’s banks and other debt holders would own the remaining shares of tour operators and airlines.

The activities of airlines and tour operating will continue to work closely together, as they do today.

« Our travel offers will not be impacted, says the management, and we will continue to operate normally. Thomas Cook’s business is always guaranteed and customers can book their holidays and flights with confidence« .

Peter Fankhauser, Managing Director of the Thomas Cook Group, said: « our customers can travel and book with Thomas Cook with confidence. The only people leaving this summer are the 11 million customers who have booked their holidays with Thomas Cook. »