30 May 2012

Turnaround plan by travel company

9:43 am on 30 May 2012

Shareholders in Thomas Cook have overwhelmingly approved a turnaround plan.

The travel company was plunged into crisis in November, when it asked its lenders for an additional $US160 million, sparking fears of a collapse.

Its turnaround plan includes selling and leasing-back part of its fleet of planes, selling some of its Spanish hotels, and boosting online bookings.

Thomas Cook will publish its interim results later this week, but it has already revealed losses of $US411 million for the winter period after a particularly poor performance in France and North America.