Thomas Cook confirms refinancing deal is close

Thomas Cook has confirmed that it is close to striking a £1.2bn refinancing deal that will give the troubled travel group two more years' breathing space to turn its business round. Britain's oldest and best-known tour operator seemed on the brink of collapse before Christmas after a disastrous year that saw three profit warnings and the departure of its long-serving chief executive. In a statement released on Monday, the company said: "These discussions are part of the result of the strategic review the group has undertaken since agreeing terms of a new facility in November 2011. The group expects to report in more detail on the results of that review by the time of the interim results. "In addition to the revised financing arrangements, the previously announced asset disposal programme and the sale of Thomas Cook India, the group is exploring a possible sale and leaseback of certain aircraft."