11-Apr-2012 10:15 AM

Thomas Cook confirms financing discussions

Thomas Cook confirmed (09-Apr-2012) it is in discussions with a banking consortium regarding the extension of its financing arrangements. As previously reported by CAPA, the airline is reportedly close to a GBP1.2 billion refinancing deal with a consortium of 17 banks which will give it two more years to turnaround its business. The airline is also reportedly considering selling and leasing back its fleet in order to reduce expenses. Without the deal the airline will need to repay the majority of its debt by Apr-2013. [more - original PR]