Thomas Cook Group
Chinese company Fosun has agreed to acquire 75 percent of UK group Thomas Cook's tour operations and 25 percent of its airline business for 450 million pounds (497 million euros) while the group's creditors - banks and bondholders - will put up a similar amount to buy 25 percent of the tour business and 75 percent of the airline business.
Leading British tour operator Thomas Cook has asked Greek hoteliers to renegotiate their package deals for this summer, in the hope of slashing bookings and rates in the context of the company's business plan agreed with its creditors and because it expects demand from major markets such as Britain and France to flag.
Leading British tour operator Thomas Cook announced this week that it has acquired two new properties in Greece, which will take its total number of hotel units in this country to four.
The operator has bought out Casa Cook Kos, a 100-room unit that it has been operating on the Dodecanese island and which has been the most profitable unit bearing the company's name.
Thomas Cook lost a third of its value on Nov. 27 after the holiday operator cut its full-year profit forecast for the second time in two months and suspended its dividend following the hot British summer.
British travel company Thomas Cook Group said its annual profit would come in at the lower end of expectations after hot summer weather in Europe affected late holiday bookings.
Thomas Cook is abandoning its raucous "Club 18-30" brand to target an image-conscious audience wanting more stylish holidays, the British tour operator said on Thursday.
Thomas Cook, set up in 1841 and a pioneer of package holidays, said demand for holidays in Turkey, Greece and Egypt would help it meet forecasts this year.
Europe’s largest travel group TUI said summer bookings for Turkey were recovering, echoing comments by rival Thomas Cook and adding to hopes that pressure on profit margins for tour operators may ease.