Thomas Cook refinancing sees new FD step in

by Kevin Reed

More from this author

09 May 2012

  • Comments
Thomas Cook aeroplane

MICHAEL HEALY is to take on the FD role at Thomas Cook.

Healy takes on the role after Paul Hollingworth stepped down following the completion of the travel group's refinancing.

Former Kwik-Fit group FD Healy joins next week, and takes his board position from 1 July. ICAS-qualified Healy is a former FD and COO of Hong Kong-listed First Pacific Company, and an ex-FD of ebookers.

The £1.4bn refinancing, completed today, extends the maturity of its financing until 31 May 2015.

Under the deal there are no fixed repayments, and its revised covenants should provide the group with greater financial flexibility.

The interest margin on its £200m liquidity facility remains unchanged. The margin over inter-bank lending on its other facilities will increase to 3.5%. The bank will also have an amendment fee of 1% and will be granted warrants to subscribe for new ordinary shares at €0.10 per share.

Frank Meysman, chairman said: "The board is immensely grateful to Paul for the benefit of his experience and commitment and we are disappointed to be losing him. He has worked tirelessly to bring stability to the Group, enabling us to secure longer term bank facilities and provide a stable platform from which to build. He leaves with our very best wishes for the future.

"I am delighted that I am able to announce such a strong successor in Michael Healy. Michael is a highly successful executive with the ecommerce, restructuring and extensive public company experience we need to take the group forward."

Thomas Cook's share price was up 0.5p to 22p in this morning's trading.

For more companies and markets information visit the Share Price Centre

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.