- Struggling travel company Thomas Cook said it was negotiating a further £150m capital injection with its debt holders, in addition to a previously-planned £750m recapitalisation announced last month involving China's Fosun.

Thomas Cook said it had made 'significant progress' towards finalising the key transaction terms of the recapitalisation with Fosun, the company's core lending banks and subsequently with noteholders representing around 50% of its 2022 and 2023 senior notes.

'The discussions with noteholders include the injection of additional capital on top of the previously announced £750m,' Thomas Cook said.

'This additional capital, of approximately £150m, will provide further liquidity headroom through the coming 2019/20 winter cash low period and ensure the business can continue to invest in its strategy.'

The company expected to implement the recapitalisation, which will result in existing shareholders' interests being significantly diluted, in early October.

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