|THOMAS COOK PLC FINALIZES SALE OF SPANISH HOTEL GROUP |
Thomas Cook Group plc has announced that the sale of its Spanish hotel chain, Hoteles Y Clubs De Vacaciones (HCV), to a consortium led by Iberostar Hoteles y Apartamentos S.L., has now been completed.|
On May 29, 2012, Thomas Cook shareholders approved the sale of HCV as part of the group’s disposal program in order to reduce debt. The transaction has reduced the group’s net debt by €94 million.
Under the terms of the bank facilities agreement the proceeds will be retained by the group.