Business

Thomas Cook agrees £183m sale and lease-back deal

Thomas Cook
Image caption Thomas Cook issued three profit warnings last year

Troubled tour operator Thomas Cook has agreed to sell and lease back 17 planes in order to raise £182.9m.

The group also reported preliminary financial figures for the six months to the end of March, showing a loss of £262.7m, compared with a loss of £165.8m a year earlier.

It said it expected trading this year to be "challenging".

On Tuesday, the group announced a £1.4bn refinancing package, giving it a further three years to repay its debts.

The sale and lease-back deal involves 11 Boeing 757 aeroplanes with Guggenheim Aviation Partners, and six Boeing 767s with Aircastle Advisor.

The operator said it had also agreed in principle to sell and lease back a further two Boeing 767s to Guggenheim.

Last year, Thomas Cook issued three profit warnings and was forced to take an emergency £200m loan.

The company's shares have dropped more than 80% in the past year.

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