Travelzest given month’s reprieve
Travelzest has been given a month’s reprieve after changing its primary lender.
Barclays Bank has completed an assignment of the company’s £15 million indebtedness, financial liabilities and security arrangements to Elleway Acquisitions Limited.
EAL, on behalf of a consortium led by LDC Logistics Development Corporation, incorporated in Canada, will provide a working capital facility until 30 September so the company can trade.
It will then reassess the position of the travel firm.
A statement from Travelzest said: "EAL, as the Company’s new primary lender, has confirmed its support of the proposed strategy of the business in the short term and has confirmed that it is its current intention to support the Company by providing, on behalf of that consortium, a working capital facility for the period up to and including 30 September 2013 whereupon it will reassess the position of the Company.
"This is notwithstanding the fact that the Company must continue to comply with its obligations under the existing and new working capital facility arrangements and that the loans and facilities are still capable of being demanded by EAL at any time."
Travelzest is a collection of online travel retailers including The Cruise Professionals, holiday.co.uk and flight.co.uk.
The company said a further announcement would be made in due course.
Diane
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