Operator raises €230 million in sale and lease-back of 17 aircraft
Thomas Cook is raising around €230 million by selling and then leasing back 17 of its aircraft. The debt-laden operator has just posted a first-half loss for the six months to the end of March of €327 million, from €206 million for the same period a year earlier. The aircraft sales are giving some much-needed liquidity for the company.
“As expected, the first-half seasonal losses have widened,” CEO Sam Weihagen explained. “However, summer bookings have improved in recent weeks. Whilst our booking position for the second half is more encouraging, trading will be dependent on how well the group performs during the important ‘lates’ market [short-notice bookings].”
Last week, Europe’s other big tour operator, Tui Travel, posted an operating loss of €394 million in the six months to the end of March.