Recapitalisation for Stella Group
Stella Travel Services UK will operate as a stand-alone business unit as part of a demerger by the Australian parent company.
Travel Services Australia/New Zealand has assumed A$40 million of long-term debt.
customers, suppliers and members.
“The restructure and recapitalisation ensures the long-term stability of each business, significantly enhancing liquidity through a combination of additional equity capital, access to working capital facilities as well as the appropriate allocation of long-term debt consistent with the current trading conditions,” the company said.
“We have completed the restructuring and recapitalisation of the group, ensuring each of Stella Hospitality Group and the Stella Travel Services Group has a solid balance sheet, access to substantial liquidity and most importantly, a solid and stable platform to grow as the hospitality and travel markets recover, following challenging market conditions over the past 12 months.”
Cummins added: “This is a fundamental and positive change for Stella Group – the restructure significantly strengthens the financial position of each of the businesses and provides long term stability for all key stakeholders.
by Phil Davies
Phil Davies
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