Slaughter and May, Latham & Watkins, Milbank and Clifford Chance are advising on a £750 million deal to keep Thomas Cook afloat,  following a major dip in profits at the travel giant.

The company has had a difficult time competing with the major online travel agents, and announced by way of a statement that it was in advanced talks with its largest shareholder, Fosun Tourism Group, as well as the company’s core lending banks, on a proposed recapitalisation of the group.