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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Fosun International Limited    656   HK0656038673

FOSUN INTERNATIONAL LIMITED

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Thomas Cook in advanced talks for additional 150 million pound capital

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08/12/2019 | 02:40am EDT
Illustration photo of a Thomas Cook logo

(Reuters) - Travel company Thomas Cook Plc said on Monday it was in advanced talks with noteholders for a 150 million pound cash injection, which will add to the 750 million pound rescue it was negotiating with top shareholder Fosun Tourism.

The extra cash will provide further liquidity through the coming 2019-20 winter cash low period, Thomas Cook said.

The Financial Times had first reported on the new capital injection on Friday.

In July, Fosun and Thomas Cook began negotiating a 750 million pound rescue that would give the Chinese conglomerate control of the indebted British group's package-tour business.

On Monday, Thomas Cook said it had made significant progress towards finalising the key terms of the recapitalisation with Fosun, lending banks and noteholders.

The proposed recapitalisation would involve ownership restructuring of its tour operator and airline businesses, resulting in bank debt of about 650 million pounds and bond debt of about 1.15 billion euros being converted into equity.

Existing shareholders are likely to be "significantly" diluted as a part of this recapitalisation, Thomas Cook said, adding that it expects to implement the plan in early October.

(Reporting by Sangameswaran S in Bengaluru; Editing by Shounak Dasgupta)

Stocks mentioned in the article
ChangeLast1st jan.
FOSUN INTERNATIONAL LIMITED 0.00% 8.7 End-of-day quote.-23.42%
FOSUN TOURISM GROUP 0.00% 7.48 End-of-day quote.-33.09%
JUST GROUP PLC -1.26% 42.22 Delayed Quote.-46.56%
NEXT PLC -1.33% 5934 Delayed Quote.-15.45%
WILL GROUP, INC. 3.63% 856 End-of-day quote.-31.63%
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Financials
Sales 2020 132 B 19 301 M 19 301 M
Net income 2020 9 946 M 1 458 M 1 458 M
Net Debt 2020 120 B 17 594 M 17 594 M
P/E ratio 2020 6,70x
Yield 2020 3,28%
Capitalization 65 035 M 9 533 M 9 533 M
EV / Sales 2020 1,41x
EV / Sales 2021 1,19x
Nbr of Employees 72 000
Free-Float 28,8%
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Mean consensus BUY
Number of Analysts 9
Average target price 10,73 CNY
Last Close Price 7,66 CNY
Spread / Highest target 69,6%
Spread / Average Target 40,1%
Spread / Lowest Target 14,2%
EPS Revisions
Managers
NameTitle
Qi Yu Chen Co-Chief Executive Officer & Executive Director
Xiao Liang Xu Co-Chief Executive Officer & Executive Director
Guang Chang Guo Chairman
Qun Bin Wang Co-Chairman
Ping Gong Chief Financial Officer & Executive Director
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