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Tag: rescue

Thomas Cook ‘racing to finalise rescue deal’

Thomas Cook ‘racing to finalise rescue deal’

Business
Thomas Cook has said it is "focused on completing" a rescue deal amid reports that some lenders could vote against the terms of the agreement.The troubled travel firm is understood to be in last minute negotiations with bondholders to approve a takeover by Chinese firm Fosun Tourism.The deal needs the backing of three quarters of bondholders to succeed.Thomas Cook wants to delay a meeting with them to give it more time to negotiate, the Financial Times said."We announced on 28 August that we have reached substantial agreement with Fosun and our creditors regarding key commercial terms of the recapitalisation of Thomas Cook. "We remain focused on completing the transaction," the travel firm said in a statement. The aviation watchdog, the Civil Aviation Aut...
‘Boris Bus’ maker Wrightbus in urgent rescue talks

‘Boris Bus’ maker Wrightbus in urgent rescue talks

Business
The Ballymena-based 'Boris Bus' maker Wrightbus will this weekend hold last-ditch talks with a prominent Irish transport executive in a bid to stave off collapse.Sky News has learnt that Darren Donnelly has emerged as the leading contender to acquire Wrightbus, which employs about 1400 people and counts Transport for London (TfL) among its biggest customers. Sources said that without a rescue deal being concluded by next week, the company could be forced to appoint administrators.The news comes just seven weeks after Boris Johnson told the House of Commons that the government would do "everything we can" to salvage Wrightbus's future.Asked by the DUP MP Ian Paisley whether ministers would step in to save the company, the prime minister said: "It was of great value to the people of this cou...
Thomas Cook in talks about £1bn rescue package

Thomas Cook in talks about £1bn rescue package

Business
Thomas Cook Group is in talks with its lenders to increase the size of a rescue fundraising to £1bn after Britain’s oldest travel agent warned it could face collapse unless it finalises a deal this month.Sky News has learnt that fresh talks between Thomas Cook and its financial stakeholders in recent days have resulted in a request for more capital to be made available to the company than the £900m proposed last month. Sources said on Thursday that its lending banks were seeking greater comfort about the tour operator's financial headroom.As a result, Thomas Cook is now in talks about an offer from creditors of an additional standby borrowing facility to provide that reassurance.One City insider said that the standby facility was not expected to be drawn upon and that the travel group cont
Ashley backs challenge to Debenhams rescue deal

Ashley backs challenge to Debenhams rescue deal

Business
A deal that saved Debenhams from administration will be challenged in the High Court this week, putting the retailer's future back into doubt. A commercial landlord - backed by Mike Ashley's Sports Direct group - is fighting the plan which saw Debenhams agree to shut 50 stores and secure rent cuts on others in May.If successful, it could lead Debenhams to fall back into administration.The retailer said it was "extremely confident" the action would fail. Earlier this year, Debenhams fell into the hands of its lenders as part of an administration process, wiping out Mr Ashley's near-30% stake in the company. Debenhams creditors back turnaround plan Debenhams rejects Ashley rescue plan Shortly afterwards the creditors approved the rescue deal - or company vo...
Monsoon rescue bid offers landlords profit-share

Monsoon rescue bid offers landlords profit-share

Business
By Mark Kleinman, City editor Monsoon Accessorize, the struggling fashion retailer, is to offer landlords a share of future profits after snubbing their demands for an equity stake in the company.Sky News has learnt that a company voluntary arrangement (CVA) proposal to be published later on Wednesday will offer store owners up to £10m annually if Monsoon's profits beat internal forecasts in future years. The plan has been devised by advisers to Peter Simon, Monsoon Accessorize's founder, who has rejected requests by landlords to be handed a minority equity stake in the company.Insiders said on Wednesday that a group of landlords which had been seeking to negotiate with Mr Simon now included NFU Mutual, the insurer which was founded more than a century