Business

Thomas Cook shares up 17% on new banking agreement

Thomas Cook Group

Last Updated at 24 Nov 2017, 16:21 GMT *Chart shows local time Thomas Cook Group intraday chart
price change %
116.60 p +
+5.20
+
+4.67

Shares in travel firm Thomas Cook have risen 17% after it announced a new £100m credit agreement with its bankers.

The firm confirmed it has changed the terms of its banking agreement to give it a financial buffer in December - traditionally a cash low point.

Thomas Cook shares rose 17% to 53p in early trading following the news.

It added that the terms of an existing £150m loan and a £850m credit facility have been amended to help cash flow.

The firm, which issued three profit warnings this year, has struggled with a slump in bookings following unrest in the Arab world.

In May, it revealed it lost £22m after cancelling 160,000 holidays to Egypt and Tunisia following the countries' political unrest.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites