China's Fosun Group is considering nearly a billion dollar rescue of embattled British tour operator Thomas Cook, the British travel agency has struggled with its debt pile.
The Hong Kong-listed Chinese conglomerate confirmed in a stock market announcement last Friday that there are "ongoing advanced discussions" about a capital injection which would see a debt-for-equity swap at the British travel agency, which has struggled with its debt pile.
The deal would equate to a 750 million pounds ($940 million) rescue of the London-based firm.
Fosun Group is already a minority investor in Thomas Cook—with a stake of around 18 percent—and owns French luxury holiday resort group Club Med which it bought for more than $1 billion in 2015.
The plan, which is still subject to the approval of shareholders and regulators, would involve Fosun's tourism group taking a controlling stake in Thomas Cook's tour operating business and a minority share in its airline arm.