The move will improve the group's financial position
BRITAIN’S troubled travel company Thomas Cook on Tuesday (May 22) said it had agreed to sell its Indian unit to Canadian investment group Fairbridge Capital for £94m (€116m/ $148m).
“I am pleased to be able to announce this disposal, which is a further step in improving the group's financial position and demonstrates our ongoing commitment to reducing debt and strengthening the balance sheet,” Thomas Cook chief executive Sam Weihagen said in a statement.
Thomas Cook, which has been hit by the weak global economy, restructuring charges, higher fuel costs and north Africa unrest, came close to collapse last November when dire trading forced it to request a vital credit line from banks.
No Comments Posted yet
Do you have comments on this?