Thomas Cook hotel disposal delay

Thomas Cook hotel disposal delay

Thomas Cook faces a month’s delay in selling a group of Spanish hotels for €71 million to Iberostar.

The disposal of Cook’s interest in five hotels and a golf club under holding company HCV was due to be completed by June 29.

But Cook said today that Iberostar has requested an extension of time “in order to put in place certain completion arrangements”.

Iberostar has agreed to pay a further deposit of €10 million to Cook by Friday, in addition to an initial €10 million paid last November.

A Cook statement released this morning said: “Thomas Cook and Iberostar have agreed that Iberostar will, in any event, complete the transaction by no later than 27 July 2012.”

The balance of the proceeds of €51 million is payable at completion.

The €20 million deposit is not refundable to Iberostar unless Cook fails to complete the transaction in breach of its obligations, the UK travel group said.

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