Thomas Cook Sale Delayed
Thomas Cook's sale of HCV to reduce its debt mountain has been delayed.
Thomas Cook issued a statement to London Stock Exchange this morning which said Iberostar had asked for an extension "to put in place certain completion arrangements".
Cook agreed the sale of its share of HCV, which owns five Spanish hotels and a golf club, last December, at which time Iberostar paid a €10m deposit.
Cook said today it had agreed an extension with Iberostar in return for an additional €10m deposit. The €20m is non-refundable unless Cook fails to complete the transaction in breach of its obligations.
Its statement added: "Thomas Cook and Iberostar have agreed that Iberostar will, in any event, complete the transaction by no later than 27 July 2012."
