Thomas Cook's disposals get overwhelming support

Struggling tour operator Thomas Cook lives to fight another day after shareholders overwhelmingly backed plans to sell assets to raise much needed cash.

There were hardly any dissenters at the general meeting called to ratify the decision to sell the company's interest in HCV to Iberostar, and the company's aircraft sale and leaseback agreements with Guggenheim Aviation Partners LLC and Aircastle Advisor (International) Limited.

The group had warned shareholders that the proceeds from the sales are essential to provide working capital for the group, and that a rejection of the sales would put the future of the company in jeopardy.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

The message seems to have got through, with 99.99% of votes cast being cast in favour of the sales.

The company can now concentrate on executing its recovery plan under new Chief Executive Officer, Harriet Green, who joined the company last week from electronic components supplier Premier Farnell.

JH