Thomas Cook Gets $309 Million Loan
The boss of struggling holiday giant Thomas Cook today sought to reassure customers that their holidays are "in safe hands with us" after the company had to turn to its banks for financial help.
Sam Weihagen, group chief executive, insisted the debt-laden firm would live on for at least another 170 years and was now "even stronger and more confident".
His comments came after the company was thrown a £200 million lifeline in the wake of a deterioration in trade.
The debt-laden firm announced that its lenders had agreed to amend its existing credit agreement, giving it room for manoeuvre over the quiet winter period.
The £200 million funding headroom has been approved by the company's syndicate of banks, which include Barclays, HSBC, RBS and UniCredit, and will last until April 30 2013.
This will replace the £100 million short-term facility announced on October 21 2011.
In an open letter today, Mr Weihagen wrote: "I'm so pleased to let you know that our banking discussions have been completely successful and I want to show our appreciation for the incredible encouragement and support we have received over the past few days.
"Thomas Cook today is an even stronger and more confident company. You can be sure that your holiday really is in safe hands with us and so we look forward to welcoming you to one of our stores, our websites, on board our aircraft and into one of our many thousands of resorts worldwide very soon."
He went on: "Our customers have trusted Thomas Cook with their holidays and travel experiences for more than 170 years, so we know just how much they mean to you...
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