Travel group needs even more moneyClock is ticking for Condor and Thomas Cook
At the very last moment, an additional capital requirement of 200 million pounds was determined. However, this does not make the rescue of the Thomas Cook group any easier.
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Investors are showing concern. On the London Stock Exchange, at times the Thomas Cook Group share fell by more than 25 percent on Friday morning (September 20th), to then somewhat recover. The stock is still worth only £3.80 (as of 10:30 a.m. local time) after having been traded at £75 just a year ago.
The reason for the panic: Thomas Cook confirmed an additional capital requirement of 200 million pounds or the equivalent of 227 million euros that morning. The money is needed as a cushion for the coming winter season. The Times reported that the Royal Bank of Scotland and other creditor banks are demanding this security to help rescue the battered travel giant.
Important meetings end of September
Thomas Cook is currently negotiating a £900 million rescue package with its shareholders, creditor banks and bondholders. The Chinese major shareholder Fosun Group is to take over 75 percent of the tour operator business and 25 percent of the airlines for £450 million. The creditor banks and bondholders would receive 75 percent of Thomas Cook Airlines, including Condor, for the remaining £450 million by converting debt into equity.
Time is of the essence. Those responsible have given themselves until the beginning of October to bring the rescue to a successful conclusion. Two important meetings between management, supervisory board and creditors will take place on the 27th and 30th of September. Now that they have to agree on new investments worth 1.1 billion pounds as opposed to 900 million before, the initial situation has become even more difficult. The clock is ticking for Thomas Cook and thus also for Condor.
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