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Wednesday 28 August 2019

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Chinese poised to acquire world's oldest travel firm as Thomas Cook agrees key rescue terms

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British travel operator Thomas Cook Group said on Wednesday it had agreed the main terms of a rescue package that will see Hong Kong's Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline. The world's oldest travel company has struggled with intense competition, high debt levels and an unusually hot summer in 2018 which reduced its last-minute bookings.

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