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Thomas Cook Group Gets £200m Bank Funding

Thomas Cook Group Gets £200m Bank Funding

Sam Weihagen, Group Chief Executive of Thomas Cook, has announced that the company has obtained bank funding of £200 million (€233m) and said that it would “live on for at least another 170 years and is now even stronger and more confident”.

The funding approved by the company’s syndicate of banks, including Barclays, HSBC, RBS and UniCredit, will last until 30th April 2013 and will replace the £100 million short-term facility announced on 21st October 2011.

John Kinane, Thomas Cook

John Kinane, Thomas Cook

John Kinane, Managing Director of Thomas Cook Holidays Ireland, has written to Irish travel agents to say: “On 22nd November the Thomas Cook Group announced that it was in discussions with its banks regarding the facilities it has in place during the normal seasonal low cash period for the Group. As a valued partner of the Thomas Cook Group, I am delighted to confirm to you that we have reached agreement with our banking partners as per our announcement that can be found at www.thomascookgroup.com.

“The company has had a high profile in the media over the past few days, and many opinions have been voiced. I would therefore like to take this opportunity to reassure you that, despite these distractions, it has remained very much business as usual for us across the Group.

“We very much appreciate the messages of encouragement and support we have received from our customers, employees and you, our industry partners. With your help, we have been able to ensure that there has been absolutely no impact on the holidays and services we deliver for our valued customers.

“At times like these, the importance of strong, reliable working relationships is appreciated all the more. As we focus on the future now we look forward to working together with you to deliver ongoing mutual success.

“Thank you again for your valued support.”

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NEIL STEEDMAN has been a trade journalist, editor and proofreader for 53 years, and ITTN's News & Features Editor for 43 years. His travel blog is at www.thetravelbuddhist.com.

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