Thomas Cook Group is evaluating the possible sale of its airline units in order to raise cash to repay its debts, The Sunday Times has reported citing inside sources.

The talks are reportedly at an early stage and the sale is unlikely to be announced any time soon. One of the potential buyers would be Chinese multi-industry conglomerate Fosun International Holdings, which currently owns a 12% stake in Thomas Cook Group and is the second-largest shareholder.

The group said it did not plan to sell the airlines imminently but might do so in the future.

"While we are open to consolidation where it makes sense for our business, we have no current plans to sell our airline," spokesperson Johannes Winter said.

Thomas Cook Group currently owns Thomas Cook Airlines UK, Condor, Thomas Cook Airlines Scandinavia, as well as Thomas Cook Airlines Balearics and Air Berlin Aviation launched earlier in 2018. The holding sold Thomas Cook Airlines Belgium in 2017. As a part of an internal reorganisation, Thomas Cook Group also terminated all flights from the Berlin area and announced recently it would close down its MRO base at Berlin Schönefeld in October 2018.

At the end of 2017, the travel group had GBP1.45 billion pounds (USD1.9 billion) worth of accumulated debt, more than 40 times its equity.