Thomas Cook Group is mulling the sale of a stake in its airline unit in order to reduce debt, according to a recent report, which said talks to sell to an outside investor were in early stages. The airline unit would also be split off from the parent company as part of the deal.

Current shareholder, Fosun, who is based in China and holds a 12% stake in the airline already, is suspected to be the likely investor.

Thomas Cook Airlines is open to consolidation, but has no current plans, according to a statement from the airline made a few weeks ago.

The Group also owns Condor Airlines.