Cooking on gas

16 May 2013 By Dominic Elliott

Shares of the UK holiday firm are up tenfold since CEO Harriet Green joined last July. Its 1.6 bln stg refinancing and rights issue failed to knock the stock partly because it shows Thomas Cook has found new strength. Operational success suggests the recovery still has legs.

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Thomas Cook unveiled a 1.6 billion pound refinancing plan on May 16. The scheme is designed to cut debt and enable the company to resume paying a dividend in the latest stage of a turnaround at the world’s oldest travel firm.
Thomas Cook said it hoped to raise 425 million pounds through a placing and rights issue of shares and around 441 million pounds from the issuance of new bonds. It also said it had agreed 691 million pounds of new banking facilities.
Thomas Cook shares were up 8 percent in early trading.

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