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.

Both Slaughters and Latham are acting for Thomas Cook.

Advising the company's board, Slaughters' team is led by restructuring partner Ian Johnson, financing partner Ed Fife and corporate partner Richard Smith.

Meanwhile, Latham is advising the company and its in-house team with corporate partners Nick Cline and Richard Butterwick, restructuring partner John Houghton, banking partner Ross Pooley, and capital markets partner James Inness leading the team.

Under the current proposal, Fosun will inject £750 million of new money into the company in a bid to keep it trading into the winter period.

Clifford Chance is advising Fosun on the deal, with corporate partner Tim Lewis and banking and finance partner David Towers leading.

Fosun Tourism is a branch of Chinese investment giant Fosun International, and it currently owns an 18% stake in Thomas Cook. If the deal closes successfully, Fosun would acquire a majority stake in the company.

Milbank is advising the bookrunners on the deal, with a team led by financial restructuring partners Yushan Ng, Jacqueline Ingram and Peter Newman.

Last month, CC and Slaughters advised on the £6 billion acquisition of Merlin Entertainment by its shareholders.

Slaughters also represented Legal & General in its multibillion-pound partnership with Oxford University to develop new homes for university staff and students.