The British group Thomas Cook reached an agreement with banks to secure financing worth 200 million pounds ($310 million), thus strengthening its financial position, informs El Mundo. Thomas Cook, one of the biggest players in the world of tourism has experienced a dramatic decline last week, 75% of the shares on the London Stock Exchange quotations.
Late last week the group announced that it needs to close 200 of 1,100 travel agencies that it owes in the UK, therefore losing about 1,000 jobs. The decision came after restructuring negotiations with creditors. Subsequently, representatives of Thomas Cook said that the grant agreement was signed, worth 310 million dollars, the credit line is available starting 30 April 2013.
The group announced that it has reached an agreement with Barclays, HSBC and Unicredit in order to relax financing conditions. Thomas Cook is facing a “hole” of £1 billion ($1.166 billion), an amount that will be hard to fill after last week Standard & Poor’s agency lowered the rating of the Group to “B”.