Mon, 18 Jul 2011 | BUSINESS NEWS
Holiday company Thomas Cook has announced that it has struck a new bank deal before it sells off assets worth more than £200 million.
According to Travel Weekly, the firm has agreed to delay its banking arrangements’ expiration date by a year to May 2014. The banking arrangements include a £850 million revolving credit facility and a £200 million loan, says the publication. Thomas Cook has also lowered the interest margin on the financial arrangements with immediate effect.
Paul Hollingworth, chief financial officer at Thomas Cook, said, “As stated in our recent trading update, we continue to perform well on cash flow, with circa £900 million of available cash and committed facilities.
“We are focused on reducing our debt and strengthening our balance sheet and we have a number of initiatives underway to deliver progress on this including the disposal of certain hotel and surplus assets,” he added.
The firm has announced the changes to the banking set-up in the lead up to a major asset sale, which will see more than £200 million worth of assets being put onto the market. The sales will take place within the next six to 18 months, according to a Thomas Cook spokesperson, and will include several hotels and a stake in NATs, the UK air traffic control service.
The firm is also mulling a merger with The Co-operative Travel and Midlands Co-operative, which would see a chain of more than 1,200 shops formed.
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