Iberostar is to pay Thomas Cook a further €10 million in guarantees after confirming it would miss the June 29th deadline to complete the purchase of Hoteles Y Clubs De Vacaciones (HCV).
The Spanish hotel giant agreed to buy HVC from struggling UK tour operator Thomas Cook in December last year.
However, the chain now expected to complete the acquisition by July 27th, nearly one month later than originally agreed.
Thomas Cook offered their approval for the deal on May 29th, following a vote.
Iberostar has already paid a €10 million deposit on the deal, which will now be doubled.
“Iberostar has requested an extension of time in order to put in place certain completion arrangements,” Thomas Cook explained in a statement to markets earlier.