Thomas Cook gets winter credit
Thomas Cook has managed to secure an extra £100 million credit to help it get through the quiet winter season.
The group made an announcement to the City this morning saying it had reached agreement with its bank to increase financial flexibility and has also signed a new short-term committed bank facility to provide an additional £100 million of “headroom around the seasonal cash low point at the end of December this year”.
The existing credit facilities comprises a £150 millon amortising term loan and a £850 million revolving credit facility which mature in May 2014.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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