Thomas Cook Group
Last Updated at 25 Nov 2011, 11:30 ET *Chart shows local time
| price | change | % |
|---|---|---|
| 18.02 p | + +1.67 | + +10.21 |
Travel firm Thomas Cook has reached agreement with its bankers to provide it with new access to funding.
Its bankers, including Barclays, HSBC, RBS and UniCredit, have agreed to provide a new £200m facility until 30 April 2013.
It replaces the £100m short-term facility announced on 21 October 2011.
On Tuesday, the company's shares had fallen from 41p to close at 10.2p after it said it was in talks with banks about increasing borrowings.
It will also issue its preliminary financial results, for the 12 months ending on 30 September 2011, during the week beginning 12 December 2011.
These had been delayed until the loan talks had been concluded.
The company's board is also to taking steps, including a strategic review, to reduce the group's debt "and reach a more appropriate capital structure over time".
"I am absolutely delighted that we have reached agreement and I would like to thank the banks for acting so swiftly," said group chief executive Sam Weihagen.
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