Thomas Cook gets new 200 million pounds bank facility

29 Nov 2011 Evaluate

Thomas Cook Group has reached agreement with its banking partners to provide the group with a new facility of 200 million pounds that significantly improves the robustness of the Group’s financial position.

Its bankers, led by Barclays, HSBC, RBS and UniCredit have agreed to provide a new 200 million pounds facility available until April 30, 2013, which replaces the 100 million pounds short-term facility announced on October 21, 2011. In addition, the bankers agreed a further relaxation of the financial covenants under the existing facilities. This provides the Group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment.  

The board is further taking steps to reduce the Group’s debt and reach a more appropriate capital structure over time. The Group will also undertake a strategic review.

Thomas Cook is the largest integrated travel and travel related financial services company in the country offering a broad spectrum of services that include foreign exchange, corporate travel, leisure travel, and insurance.

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