| ||Thomas Cook Group plc - Amendment to existing bank facilities and new £200m bank facility signed | 11/28/2011 2:42:46 PM|| |
| ||Thomas Cook (India) Ltd has submitted to BSE a copy of Press Release titled "Thomas Cook Group plc - Amendment to existing bank facilities and new £200m bank facility signed", released by the Company's ultimate parent company Thomas Cook Group plc.|
"Thomas Cook Group is pleased to announce that we have reached agreement with our banking group to provide the Group with a new facility that significantly improves the robustness of the Group's financial position.
Our banks, led by Barclays, HSBC, RBS and UniCredit, have agreed to provide a new £200m facility available until 30 April 2013, which replaces the £100m short-term facility announced on 21 October 2011. In addition, they have agreed a further relaxation of the financial covenants under the existing facilities. This provides the Group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment.
As previously announced, the Board is taking steps to reduce the Group's debt and reach a more appropriate capital structure over time. The Group will also undertake a strategic review.
The Group will announce its preliminary results for the twelve months ended 30 September 2011 during the week commencing 12 December 2011.
Sam Weihagen, Group Chief Executive, Thomas Cook Group plc said:
"I am absolutely delighted that we have reached agreement and I would like to thank the banks for acting so swiftly. Over the last few days, we have been overwhelmed by the messages of support from our holidaymakers, suppliers and partners and I would like to thank them for their good wishes and our employees for their hard work and dedication. For over 170 years Thomas Cook has provided customers across the world with fantastic travel experiences. Today they can look forward confidently to holidays with us for many years to come."