Arab Today, arab today thomas cook’s finance chief to leave
Last Updated : GMT 12:54:21
Arab Today, arab today
Arab Today, arab today

Thomas Cook’s finance chief to leave

Arab Today, arab today

Arab Today, arab today Thomas Cook’s finance chief to leave

London - Arabstoday

The chief financial officer of Thomas Cook has confirmed his departure, one day after the debt-laden tour operator announced it had agreed a new financing package with its lenders. Paul Hollingworth, who has been at Thomas Cook for two years, will step down at the end of June, the group said on Wednesday. He will be replaced by Michael Healy, formerly group financial director of Kwik-Fit. The group also searching for a new chief executive, following the departure of Manny Fontenla-Novoa in August.High quality global journalism requires investment. Analysts said the financing deal would give Thomas Cook breathing space, but that the challenge of restructuring the group remained. It is the third refinancing within a year for the 171-year-old Thomas Cook and extends the maturity of £1.4bn of finance facilities by a year to May 2015. The company also secured more relaxed financial covenants as part of the deal, agreed with a syndicate of 17 lenders led by the Royal Bank of Scotland and Barclays, and will not have to make an interim payment next year. Sam Weihagen, interim chief executive, said the move demonstrated “the confidence our lenders have in Thomas Cook”. However, the interest rate on all of the amount except a £200m liquidity facility will rise from 2.75 per cent to 3.5 per cent over Libor, the interbank lending rate, and the group must also pay a £14m amendment fee. “It has come at a price, but it does give them a much firmer financial footing,” said Wyn Ellis, analyst at Numis Securities. Also on Tuesday, Tui Travel said it expected trading this summer to be in line with expectations, but profits in the six months to March 31 were dented by lower-than-expected demand for north African destinations and the effect of severe flooding in Thailand last year. Tui had done well to focus on offering “differentiated and exclusive” products – costlier packages with higher quality hotels and restaurants, analysts said.Travel operators have come under increased pressure in the past 18 months as customers shun popular tourist destinations such as Egypt and Tunisia due to political upheaval in the region, or cut back on foreign trips because of weaker consumer sentiment. Tui, Europe’s largest tour group by market share, which operates under the Thomson and First Choice brands, said it had ended the winter in line with expectations, with revenue up 5 per cent to £5.4bn in the six months to March 31. Tui’s operating loss increased to £317m, compared with £307m for the same period last year. The group’s pre-tax loss widened from £366m to £457m.One of the sharpest declines was registered in Tui’s French business, where the operating loss jumped from £39m to £61m. It attributed this decline to weak consumer sentiment but also the diminished appeal of north African destinations such as Tunisia, which are traditionally popular with French tourists.However, the group’s confidence was bolstered by a resilient performance in its UK and Irish markets, where the operating loss for the period narrowed to £125m, down from £173m, boosted by an early Easter.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today thomas cook’s finance chief to leave Arab Today, arab today thomas cook’s finance chief to leave

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday