Monday, 9 April 2012

Thomas Cook said on Monday it is in "advanced discussions" with its banking group.

The beleagured operator confirmed it was close to striking the agreement to extend financing arrangements with its banking group, just months after the latest refinancing deal.
A statement on Monday said the group is also exploring a possible sale and leasback of certain aircraft, on top of the revised financing arrangements.
The deal would ease pressure on the company after its near collapse last November, when shares tumbled by as much as 70pc after the tour operator said it needed more cash from its banks.
Europe's second-biggest travel firm after rival TUI Travel suffered a disastrous year in 2011, leading to the resignation of its chief executive Manny Fontenla-Novoa in August.

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