Thomas Cook & # 39; finalizes a rescue contract & # 39;

Thomas Cook said to be "focused on finding" a rescue contract while some lenders could vote against the terms of the deal.

The troubled travel company is supposed to be in last minute negotiations with the bondholders to approve a takeover by the Chinese company Fosun Tourism.

The agreement requires the support of three quarters of bond creditors to succeed.

Thomas Cook wants to delay a meeting with them to give him more time to negotiate, the Financial Times said.

"We announced on August 28 that we had reached a substantial agreement with Fosun and our creditors regarding the essential business conditions for Thomas Cook's recapitalization.

"We remain focused on completing the transaction," the travel company said in a statement.

The Civil Aviation Surveillance Authority, the Civil Aviation Authority (CAA), declined to comment directly Thomas Cook.

"We are in regular contact with all major ATOL holders and continuously monitor the performance of the company.We do not comment on the financial situation of the individual companies that we regulate," said the group in a communicated.

Profit problems

Thomas Cook announced for the first time in June that he had received from his major shareholder, Fosun, a takeover approach to his tour business. Last month, he said the deal was with Fosun and a majority of its bondholders.

The offer came amid fears about its financial strength. In May, the company announced a loss of £ 1.5 billion for the first half. He has also issued three profit warnings over the last year and is working to reduce his debts.

He attributed a series of problems to his profit warnings, including political unrest in holiday destinations such as Turkey, the prolonged heat wave of last summer and customers delaying holiday booking due Brexit. But he also suffered from competition from online travel agents and low cost airlines.

Should I worry about my vacation?

Thomas Cook is a company protected by ATOL.

Protection under the ATOL scheme – or the air travel license – means that British travelers traveling by air do not lose their money or get stuck abroad if a travel agent collapses.

It also covers many charter flights and means that if the operator collapses by missing it, he can finish his vacation and be repatriated home without any additional cost.

If the company collapses before disappearing, the system provides for a replacement leave of equal value or a refund.

When flights are booked alone or people book flights and accommodation separately, the ATOL system usually does not come into effect. However, the ATOL plan now covers more custom vacations than it was before.

If a public holiday is protected by ATOL, it will be clearly indicated by a certificate on its documents. The system is managed by the British Civil Aviation Authority and is supported by the UK Government.