Cook cuts debts with hotel group sale

Troubled operator giant raises around €94.6 million

Troubled tour operator giant Thomas Cook has reached an agreement to sell its stake in the Spanish hotel company HCV and the cash raised will cut its debts by around €94.6 million. The hotel chain Iberostar is buying the stake in HCV (Hotels Y Clubs De Vacaciones) for €72.2 million, together with a net debt of €22.4 million. HCV is a holding company that indirectly owns five Spanish hotels and a golf club. It also operates a second golf club in Spain. Analysts estimate that Thomas Cook’s debts currently stand at around €1.75 billion.
Thomas Cook is scheduled to finally announce its full-year financial results today. It has also just confirmed today that it will close 200 “under-performing” shops in the UK over the next two years.
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