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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

FOSUN INTERNATIONAL LIMITED

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Fosun International : Thomas Cook is in scramble to seal rescue deal

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09/16/2019 | 01:13am EDT

TROUBLED travel company Thomas Cook is said to be looking to delay a pivotal bondholders' meeting on Wednesday to give it more time to agree a £900m rescue deal with majority shareholder Fosun.

The 178-year-old holiday firm is still scrambling to wrap up the terms of a restructuring deal with the Chinese conglomerate. However, fears are growing it may not win the support of three-quarters of its bondholders needed for the rescue to go through.

Some bondholders have bet against the company's debt via credit-default swaps - contracts that pay out if the firm defaults on its debt. They are reportedly looking for an agreement that ensures they get paid for their positions - and may vote against anything that does not do this.

Executives are subsequently trying to get some breathing space in which to finalise the negotiations, according to the Financial Times. In August, Thomas Cook published details of the plan, which will see Fosun pour £900m into the company to help it avoid bankruptcy as it heads into the winter season when holiday bookings are at their nadir.

But Britain's oldest package holiday firm also needs to convince the Civil Aviation Authority (CAA) to renew its Air Travel Organiser's Licence (Atol) at the end of this month.

Sources played down reports that the CAA is making contingency plans for the possible collapse of the travel firm, which would likely force it to repatriate thousands of holidaymakers stranded overseas.

The CAA said: "We are in regular contact with all large Atol holders and constantly monitor company performance.

"We do not comment on the financial situation of the individual businesses we regulate."

Thomas Cook reported a £1.5bn halfyear loss in May.

(c) 2019 City A.M., source Newspaper

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Financials (CNY)
Sales 2019 120 B
EBIT 2019 26 720 M
Net income 2019 14 712 M
Debt 2019 81 785 M
Yield 2019 3,97%
P/E ratio 2019 5,19x
P/E ratio 2020 4,80x
EV / Sales2019 1,33x
EV / Sales2020 1,26x
Capitalization 77 964 M
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Mean consensus BUY
Number of Analysts 12
Average target price 13,76  CNY
Last Close Price 9,13  CNY
Spread / Highest target 74,7%
Spread / Average Target 50,7%
Spread / Lowest Target 8,85%
EPS Revisions
Managers
NameTitle
Qun Bin Wang Chief Executive Officer & Executive Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Linnan Xue Chief Financial Officer
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