Harriet Green steps up Thomas Cook turnaround Earlier this year, Thomas Cook underwent a major £1.6bn refinancing to remove a "debt wall" looming in 2015 when previous bonds were due to mature. Ms Green has also been stripping out costs and selling off non-core assets to simplify the business. At the end of June, net debt had more than halved from £1.1bn to £452m and analysts are expecting further progress when the holiday company reveals full-year results this week. Ms Green and finance director Michael Healy have so far identified £400m of costs which they believe can be removed from the company by the end of its 2015 financial year. However, analysts expect the management team to this week provide details on a second wave of cost-cutting. Wyn Ellis, analyst at Numis Securities, believes the market will be "disappointed" if significant additional savings are not unveiled on Thursday. "The shares have drifted sideways recently and we believe that the market will be disappointed if additional cost-out savings of at least £100m are not announced," he said in a note. Analysts at Morgan Stanley believe extra cost savings can be made from further changes to Thomas Cook's holiday products, including a move towards more flexible capacity. The bank believes the second part of the cost-saving programme will "likely involve further improvement to its holiday product, shifting to more flexible capacity, changing fare structures between package/independent holidays, tackling the cost of third-party distribution, increasing online sales and driving further savings through joint purchasing and joint IT platforms." Last week, Thomas Cook announced a raft of deals, including the sale of most of its stake in NATS, the national air traffic control service, as it seeks to raise between £100m and £150m from disposals by the end of 2015. The NATS stake sale raised £38m towards reducing debt. The group also last week announced it had offloaded its corporate foreign exchange business to Moneycorp for £4.5m in cash.