Thomas Cook India attracts private equity interest
Private equity houses are tipped to be interested in a purchase of the Indian arm of beleaguered UK tour operator Thomas Cook.
The company negotiated a GBP200 million ($312.1 million) credit facility with its lenders last weekend, but according to The Independent, is considering selling off some of its assets to reduce its debt pile worth in excess of GBP1 billion.
A source claimed that Thomas Cook's Indian arm was likely to be seen as "non-core" by the group's board and so could be open to bids of up to GBP100 million.
Stock in the parent company has dropped 94% in 2011, reducing the firm's market value by more than GBP1.5 billion. Last week, Wyn Ellis, an analyst at Numis Securities, told Bloomberg that Thomas Cook "could look very different in a year's time. "At these levels, the company could be of interest to private equity. Or the banks could seek a debt-for-equity swap," he said.
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