LONDON (dpa-AFX) - Responding to the recent media speculation regarding its proposed recapitalisation, British travel company Thomas Cook Group said that discussions to agree final terms on the recapitalisation and reorganisation of the company are continuing between the company and a range of stakeholders.
The company said that the discussions are continuing with its largest shareholder, Fosun Tourism Group and its affiliates, the Company's core lending banks and a majority of the Company's 2022 and 2023 senior noteholders.
The discussions include a recent request for a seasonal standby facility of 200 million pounds, on top of the previously announced 900 million pounds injection of new capital.
'The recapitalisation is expected to result in existing shareholders' interests being significantly diluted, with significant risk of no recovery,' Thomas Cook Group said.
Earlier there reports that Thomas Cook could fall into administration this weekend unless the travel company finds 200 million pounds in extra funds needed to secure its future.
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