Thomas Cook Group

The world's oldest travel firm Thomas Cook collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

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.

Two global tourism giants with assets in Greece are about to join forces, Thomas Cook has suggested, announcing that it is in talks with its 15 percent stakeholder Fosun Tourism for a share capital increase in the British tour operator that will see Fosun assuming control.

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.

Concerns are growing about serious turbulence in Greek tourism after warnings by Thomas Cook and easyJet that the reduced demand for travel services would have consequences on their financial results.

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 holiday company Thomas Cook Group Plc plans to open a further 20 own-brand hotels by the end of 2019 including six in Spain, four in Greece and three in Turkey, as it responds to competition from online travel agencies.

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.