Thomas Cook continues fight back with further debt reduction

Thomas Cook continues fight back with further debt reduction

Thomas Cook has continued its fight back to toward profitability with a further reduction in its debt following the sale of its Belgium offices for €14.3 million.

The Group will lease back the premises in Gent from new owner Koramic Real Estate.

Under the terms of the deal, Koramic has retained €2m from the sale as a prepayment of rent.

In a statement released today, Thomas Cook said: “The Group remains committed to reducing the net debt of the business and this transaction is part of that process.

“Transaction proceeds will be used to reduce the Group’s borrowings and/or for general corporate purposes.”