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Fosun: Limited Financial Impact from Thomas Cook Collapse

Casa Cook Rhodes by Thomas Cook.

Casa Cook Rhodes by Thomas Cook.

The collapse of Thomas Cook has limited financial impact on Chinese conglomerate Fosun International Limited, the mother company of Fosun Tourism Group, which was the UK tour operator’s largest shareholder.

According to an announcement by Fosun, the Group held approximately 18.6 percent equity interests in Thomas Cook and the carrying amount was approximately RMB327 million (approximately 42.2 million euros).

“Therefore, the application for compulsory liquidation of Thomas Cook has limited financial impact to the Group,” the announcement said.

Fosun also underlined that the Group has not acquired any further interest in Thomas Cook after June 30.

“The Company would like to clarify that the Group has never provided any guarantee to Thomas Cook and has not made any investment in relation to the possible recapitalization of Thomas Cook,” Fosun underlined.

Fosun, which owns holiday group Club Med, had a stake in Thomas Cook since 2015.

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