Sale fillip for Thomas Cook

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The Independent Online

Thomas Cook's turnaround plans received a significant boost yesterday as shareholders overwhelmingly voted for two key disposals, without which the holiday giant warned it could collapse.

Some 99.99 per cent of proxy shareholder votes backed the planned sale and leaseback of part of its aircraft fleet and the disposal of five Spanish hotels.

Senior independent director Roger Burnell told a meeting of around 30 investors in London that the move was "in the best interests of shareholders".

Failure to support the disposals could have jeopardised a recent £1.4bn deal with lenders to extend the maturity of loans to 2015.