Reuters: Financial Services and Real Estate: Thomas Cook lenders agree new financing package

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Thomas Cook lenders agree new financing package May 5th 2012, 10:48 FRANKFURT | Sat May 5, 2012 6:48am EDT FRANKFURT May 5 (Reuters) - Thomas Cook Group Plc said it has agreed a new financing package with its lenders which extends the maturity of 1.4 billion pounds ($2.26 billion) of financing until May 31, 2015. The 170-year-old travel group has been forced to consider a raft of fundraising proposals after it issued three profit warnings last year due to young families with children cutting back on holidays. Thomas Cook endured a dire 2011, with a sales slump culminating in the departure of veteran chief executive Manny Fontenla-Novoa in August and a funding crunch requiring the company to ask its banks for new financing.

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