Travel firm to sell off hotels
SHAREHOLDERS at Thomas Cook have voted to sell-off two parts of the business – after the holiday giant warned it could collapse.
The sale and leaseback of part of the company's aircraft fleet and the disposal of five Spanish hotels, were backed by 99.99 per cent of proxy shareholder votes, at a meeting yesterday.
A lack of support could have jeopardised Thomas Cook's recent £1.4 billion deal with lenders, to extend the length of its bank loans until 2015.
Thomas Cook merged with The Co-operative Travel, in Burslem, last year and quickly announced that all 80 travel jobs at the Hamil Road site would be moved to Peterborough.
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In December, it announced the closure of Co-op Travel branches in Meir and Newcastle and Thomas Cook, in Uttoxeter, as part of turnaround plans in the wake of posting a £398 million loss.
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