Cook to raise £400m with share issue, report claims

Cook to raise £400m with share issue, report claims

Thomas Cook is to raise more than £400 million through an equity raising exercise in a bid to secure the company's long-term future, Sky News has reported.

The fund-raising is due to come alongside a wider overhaul of its capital structure that will include new long-term borrowing facilities with its lenders, according to the broadcaster.

The capital-raising that will be revealed in the coming weeks is expected to take the form of a share placing rather than a more conventional rights issue, and will aim to make a significant dent in Cook’s £800 million in debts.

The plans remain subject to change, insiders reportedly said.

"The deal will take the issue of the company's financial future off the table," one person familiar with Cook's plans told the TV news channel.

The speculation emerged as Cook gave an update on its business transformation plans today.


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