Thomas Cook share price: where next as share price slides ahead of crucial meeting?
The troubled tour operator continues to see its stock fall further with bondholders yet to agree to Fosun International’s £1.1 billion rescue deal.
Thomas Cook stock continues to slide ahead of crucial bondholder meeting next Friday that will see creditors choose whether to accept a £1.1 billion rescue deal from Chinese conglomerate Fosun International.
‘As part of the process to finalise the full commercial terms between Thomas Cook Group’s creditors and stakeholders, the scheme meetings and the schemes sanction hearing relating to Thomas Cook Group’s proposed recapitalisation will take place on the 27 and 30 September respectively,’ the tour operator said in a statement.
Thomas Cook hopes rescue deal completed by early October
Over the last nine months, Thomas Cook’s stock has fallen more than 80% from 33.26p a share in January to 4.60p as of 10:22 GMT on Wednesday.
The struggling tour operator is hoping that bondholders will accept the deal on the table from Fosun International, with the company looking to finalise restructuring plan with its largest shareholder by early October.
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Thomas Cook balance sheet in turmoil
The tour operator desperately requires an injection of fresh capital, with it recording a £1.5 billion loss in its half-year results back in May.
The size of Thomas Cook’s debt is also spiralling out of control, with the company holding more than £1.4 billion on its balance sheet.
Thomas Cook’s troubles started last year after a heatwave saw holidaymakers opt to stay at home and enjoy the sun, rather than travelling abroad. The tour operator has also had to contend with political and economic uncertainty caused by Brexit, along with rising fuel costs.
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