Thomas Cook has agreed to sell the majority of its tour operator business and a stake in its airline business to Chinese conglomerate Fosun.

The Chinese firm have secured the deal to contribute £450 million of new money to the UK travel firm and acquire 75% of the company's tour operator business and 25% of its embattled airline business.

Thomas Cook has suffered recently as a result of mounting debts, reporting a £1.2 billion net debt in its half-year results in May.

Last month, Thomas Cook revealed that Fosun, its largest shareholder, said it would provide a £750 million cash injection in a bid to secure the future of the company.

READ MORE: Global investor signals faith in Glasgow office market

It said that Fosun would help to recapitalise the company, with the help of the lending banks.

The new deal will also see the group lenders and noteholders look to bring around £450 million into the business while converting existing debt into approximately 75% of the equity of the airline and up to 25% of new equity for the tour operator arm.

WHSmith's hospital branches are now the second biggest money-maker in its travel division, with patients and visitors flocking to its stores, the retailer has revealed.

The business added that profits for the year will be in line with expectations, with strong growth in its international travel divisions.

WATCH: First look: Inside Glasgow's largest office block

Its high street stores have benefited from strong growth in stationery, which will be rolled out across more stores, it added.

WHSmith executives also said its purchase of US travel accessory business InMotion for £155 million last year is performing well, with 428 stores now open outside the UK.

The company revealed it has also opened three stores outside of its North American base in Perth, Australia; Alicante, Spain; and Leeds Bradford Airport in the UK.

In high street stores, WHSmith now has 202 Post Offices open in branches, it added.

BP is selling all of its operations in Alaska, including its interests in the Prudhoe Bay oil field and the trans-Alaska pipeline.

It is selling its assets to Hilcorp Alaska for $5.6 billion (£4.56 billion), company officials revealed in a statement.

READ MORE: Willow Tea Rooms in Glasgow up for sale

The sale, which must be approved by state and federal regulators, comes as BP attempts to divest $10 billion (£8.1 billion) in assets by 2020.

BP's history in Alaska dates to 1959 and the company drilled the confirmation well for the Prudhoe Bay field in 1968.

Prudhoe Bay, the most prolific oil field in US history, has produced more than 13 billion barrels of oil.

Production has been in a steady decline since the late 1980s.
BP chief executive Bob Dudley said: "We are steadily reshaping BP and today we have other opportunities, both in the US and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment.

"This transaction also underpins our two-year $10 billion divestment program, further strengthening our balance sheet and enabling us to pursue new advantaged opportunities for BP's portfolio within our disciplined financial framework."
BP employs about 1,600 workers in Alaska.