Thomas Cook Group has said 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 today will see Fosun contribute £450 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 for 75% of the airline and up to 25% in the tour operator business, the group said.
