BusinessCompany NewsThomas Cook refinancing sees new FD step in

Thomas Cook refinancing sees new FD step in

The completion of Thomas Cook's refinancing sees Paul Hollingworth step down, and Michael Healy join

Thomas Cook refinancing sees new FD step in

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.

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