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
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The UK gender pay gap will not close until 2069 unless action is taken to tackle it now, according to new research by Deloitte
New research finds huge liquidity imbalance, with billions in cash held by a small number of UK companies
Colin reacts to the news that a the Bank of England is releasing 440 million new £5 polymer notes