News

£1.4bn Financing for Thomas Cook UK

£1.4bn Financing for Thomas Cook UK

Thomas Cook Group has agreed a new £1.4 billion financing package with its lenders. The new agreement, which follows the conclusion of a strategic review following profit warnings, extends the maturity of its financing until 31st May 2015 from previous expiry dates between 2013 and 2014. The deal also includes no fixed repayments and will enable Thomas Cook to retain net proceeds from certain disposals to provide greater financial flexibility.

Thomas Cook Shop in UK

Sam Weihagen, Group Chief Executive, said: “Today’s announcement highlights the confidence our lenders have in Thomas Cook and we are delighted that they have demonstrated their on-going support. We continue to make good progress in strengthening the Group’s financial position, and our disposal plans, including an aircraft sale and leaseback, are proceeding well. These actions are an important step in the journey to strengthen confidence and ensure that the Thomas Cook Group will continue to provide customers with wonderful travel experiences for years to come.”

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 52 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 42 years.

More in News

Four Province Winners of ITTN Travel Agency of the Year Awards Announced

Neil SteedmanOctober 18, 2018

Cobalt Air Cancels All Flights Due to “Indefinite Suspension” of Operations

Neil SteedmanOctober 18, 2018

Flight Check: Dublin-Doha-Bangkok with Qatar Airways

Neil SteedmanOctober 18, 2018

IMFT 2018 Shines a Light on Thailand’s Thriving MICE Scene

Fergal McAlindenOctober 18, 2018

The Sky’s the Limit as Mount Charles Announces £30m BIA Contract Deal

Michael FloodOctober 18, 2018

Leitrim Leads the Way in Slow Adventure Tourism

Michael FloodOctober 18, 2018

Nordic Business Class Service Enhancements

Neil SteedmanOctober 17, 2018

Introducing the Traditional ‘Kahvikutsut’

Neil SteedmanOctober 17, 2018

Best-in-Market In-flight Internet Service

Neil SteedmanOctober 17, 2018

Copyright © 2016 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland