The Chinese Fosun Travel Group has taken control of the Thomas Cook Group having agreed to pay £450 million to invest in the company.
Existing shareholders have effectively lost everything.
The banks and bond holders who are owed some £1.5 billion, have agreed the take over and restructured the debt to allow the company to continue.
Fosun would only take the business in if it included the airlines Thomas Cook and Condor.
Lufthansa had offered to buy the airlines for a low price, but let the matter drop when problems with Eurowings forced it to take action in its own business.
The Fosun Travel Group is essentially a Hong Kong based business and has the intention to use the Thomas Cook brand to expand tourism to and from China.