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Thomas Cook Group plc Announces To Sale 77% Interest In Thomas Cook (India) Limited To Fairfax Financial Holdings Limited's Fairbridge Capital (Mauritius) Limited

Friday, 20 Jul 2012 10:53am EDT 

Thomas Cook Group plc announced on May 21, 2012 that it had agreed to sell its 77% interest in Thomas Cook (India) Limited (TCIL) to Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited. The Group announced that a circular will be posted to ordinary shareholders with further details of the TCIL disposal and to convene a general meeting of ordinary shareholders to consider and to approve the TCIL disposal, together with a temporary dispensation to the Group's limit on borrowing powers under the Articles of Association. These measures are a part of the Group's previously announced action plan aimed at reducing debt and improving the resilience of its financing and capital structure. They follow the announcement of the Group's new financing package on May 5, 2012, extending the maturity of its bank facilities until May 31, 2015 with no fixed repayments and the shareholder approval gained on May 29, 2012 for the HCV disposal and the Aircraft sale and leaseback. The TCIL disposal is expected to raise GBP86.6 million, the net proceeds of which will be used to reduce the Group's net debt. 

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17 Apr 2014