Thomas Cook raises funds through aircraft leaseback deal

Thomas Cook raises funds through aircraft leaseback deal

Thomas Cook Group has completed the sale and leaseback of 11 Boeing 757 aircraft and eight Boeing 767s.

The deal was completed earlier following delivery of the final group of aircraft.

The transaction generates proceeds of $294 million and, as agreed under the terms of the facilities agreement, these will be retained by the group to increase liquidity.

The transaction was originally announced on May 11th 2011 and received shareholder approval on May 29th 2012.

Earlier this week Thomas Cook also completed the sale of Hoteles Y Clubs De Vacaciones in Spain.