The world’s oldest travel company, Britain’s Thomas Cook Group, has agreed the main terms of a rescue package.

Hong Kong’s Fosun Tourism contribute £450 million for at least 75% of the tour operator business, plus 25% of the group’s airline, while creditor banks and bondholders will add a further £450 million for about 75% of the airline and up to 25% in the tour operator business.

Fosun Tourism’s parent, Fosun International, is one of China’s biggest conglomerates and owns Club Med as well as Wolverhampton Wanderers.

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