Thomas Cook reveals refinancing plan
Travel company Thomas Cook has revealed a £1.6billion refinancing plan
By Nicole Hamer |13:05 16 May 2013
Thomas Cook, one of the UK’s largest tour operators, has revealed a £1.6billion refinancing plan. This also relates to the company hoping to find at least £300million from investors.
The firm’s refinancing plan comes as part of their strategies for debt reduction, they said.
Thomas Cook Chief Executive, Harriet Green, who started the role with the company in the summer of 2012, has been working on certain plans for the firm since her appointment.
The travel company are expected to also issue £441million when it comes to new bonds, as well as it having made an agreement on £691million of new banking facilities, as referred to in one report by The Telegraph.
The firm unveiled the £1.6billion refinancing plan along with half-year figures for Thomas Cook. Their half-year figures reflected that the first-half pre-tax losses were slimmed down to £391million.
This differs to the figure for the same time-frame from 2012, as this was reported as £584million.
It is understood that Thomas Cook’s sales are up for summer holidays, as the company has reportedly sold approximately 60per cent of them - which is more than those sold last year.
Harriet Green said: “We look forward to continuing the rapid transformation of the group so that we fulfil the potential of the Thomas Cook brand for our customers, suppliers and employees.”
Thomas Cook shares started on Thursday, 16th May, at 4.5per cent. This was after them having shut at 1.6 less the day before, at 2.9per cent on Wednesday, 16th May, 2013.
They initially began over 170 years ago, and Thomas Cook Group plc came about in 2007 because of the merger of Thomas Cook AG and MyTravel Group plc.
One reason for many Brits hoping to get away on holiday abroad this year for a break may relate to the weather, as the UK has suffered cold spells of late. Snow hit parts of the UK this week in particular.