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Thomas Cook announces sale of assets

Yesterday, Thomas Cook announced the sale of its interest in Hoteles Y Clubs De Vacaciones S.A. (HCV). HCV owns five Spanish hotels and one golf club and further operates another golf club in Spain. The sale of HCV is part of Thomas Cook’ disposal programme announced earlier this year, targeted at selling up to GBP 200 mn of non-core assets over a 18 month period. Under the agreement, Thomas Cook will receive cash proceeds of EUR 72.2 mn. HCV will be sold with net debt of EUR 22.4 mn, resulting in a reduction in Thomas Cook’ net debt by EUR 94.6 mn (GBP 81 mn).