Thomas Cook has received the backing of its shareholders for the sale of five hotels and sale and leaseback of 19 aircraft.
Investors voting overwhelmingly in favour of the disposals at a general meeting today, with only 0.01% opposing the sell-off.
The sale of Thomas Cook’s interest in Hoteles Y Clubs de Vacaciones to hotel chain Iberostar will reduce the operator’s debt by €94.6m; the sale and leaseback deal is worth a further £183m.
The firm’s share price has risen slightly on the news, up from 21.50p yesterday to 21.70p.
Cook had made it clear to investors that rejecting the disposals was not an option as it must pay down £100m in 2013 and 2014 as part of the deal with its lenders to extend its £1.4bn loan until 2015.
Its interim results will be announced on Thursday but the company has already admitted to winter losses of £262m.
By Linsey McNeill
