In return, Thomas Cook agreed to a moratorium on acquisitions and a limit on capital spending.
Thomas Cook and the Co-operative Group merged their High Street travel businesses in 2010.
The company has now confirmed it plans to close Thomas Cook stores in Carrickfergus and Newry.
It may get less for Thomas Cook than it would like, since the sale is forced.
Shares in travel group Thomas Cook have surged 14% after it announced details of its turnaround strategy.
The move brought together 1, 204 stores, but both Thomas Cook and Co-operative Travel retained their separate branding.
Struggling travel group Thomas Cook has reported widening annual losses due to reduced capacity and higher fuel costs.
Struggling travel group Thomas Cook has said its turnaround plan remains on track despite reporting a quarterly loss.
Thomas Cook said it had been hit by "challenging" trading, but that sales in recent weeks had improved.
Earlier this week, Thomas Cook said it was cutting 2, 500 jobs across the UK and closing almost 200 stores.
Thomas Cook appointed Harriet Green as chief executive in May last year, tasking her with turning around the group's fortunes.
By the end of it, Alpine package tours were being sold by the thousands by Thomas Cook and his competitors.
This month, Expedia announced a partnership with Thomas Cook India to provide end-to-end visa services to its customers in the country.
FORBES: Expedia's Global Growth Soars With Asian Partnerships
Thomas Cook said it was taking the matter very seriously, and added it was in conversation with the couple over compensation.
It will also have to sell its controlling stake in Thomas Cook, a mid-sized British travel agency, to calm regulatory concerns.
"A stronger online Thomas Cook will be a counterweight to the online travel agents (OTAs) such as Expedia and Hotels.com, " he said.
Last week, Thomas Cook said it would cut 2, 500 jobs in the UK and close 195 of its 1, 069 High Street stores.
Mr Rennie also thanked staff at hospitals in Cairo and Luxor, the British Embassy and travel company Thomas Cook for their help.
Thomas Cook said its plan to turn around the U.K. business, announced in February, is "under way and progressing well, " without elaborating further.
In the past, Thomas Cook struggled with unsold holidays on its books, forcing it to cut capacity and reduce the price of package tours.
Thomas Cook got into difficulty last year when the unrest in the Middle East and North Africa affected its operations in Egypt and Tunisia.
UK-based tour and travel company Thomas Cook also said it had not received any reports of concern from hoteliers or guests in Cyprus.
The combined company is 52%-owned by German retail chain KarstadtQuelle, which was the parent of Thomas Cook, and 48%-owned by the shareholders of MyTravel.
Thomas Cook has seen its half-year losses increase sharply after a "difficult" six months, but says it is taking "decisive action" to improve its position.
Thomas Cook, Thomson and First Choice have all cancelled flights to Tunisia on Sunday, and Thomson and First Choice have also cancelled those on Wednesday.
BBC: British tourists back from Tunisia, Foreign Office says
Thomas Cook said the new refinancing agreement extended maturities until May 31, 2015, mostly at higher interest rates, from previous expiration dates between 2013 and 2014.
Eastern Airways, Easyjet, Flybe, German Wings, Lufthansa, Thomas Cook, Thomson (TUI) and Wizz Air have already made changes to their pricing structures, websites and marketing material.
Both Thomas Cook and its rival TUI have said future growth will come from fast-growing markets, such as Russia, where rising incomes have fuelled demand for holidays.
Out of a total of 1, 240 shops, Thomas Cook has 780, while 360 are currently run by Co-Op Travel, with the Midlands Co-Op owning a further 100.
Thomas Cook will be merging with both Co-Op Travel - which has its headquarters in Burslem, near Stoke - and the Midlands Co-Op, based in Lichfield, Staffordshire.
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