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Thomas Cook Needs Additional Funds to Get Through the Winter

August 12, 2019 / Skift

Thomas Cook Group Plc fell the most in a month after the debt-laden travel giant said it needs more than $1 billion for a recapitalization meant to tide it through the winter, when fewer Europeans go on vacation.The U.K. tour operator has made significant progress toward finalizing a bailout including an added 150 million pounds ($181 million) from bondholders, it said in a statement Monday. That would be on top of a 750 million-pound package agreed with Cooks main lending banks and Chinese investor Fosun.The funds “will provide further liquidity headroom through the coming 2019/20 winter cash low period and ensure the business can continue to invest in its strategy,” London-based Thomas Cook said.