Australian agency Flight Centre Travel Group has secured A$900 million to strengthen its position in reaction to the impact of the coronavirus crisis.
The additional funding means the group’s total liquidity position now amounts to more than A$2.3 billion.
The financing through a mix of capital raising and new debt facilities is part of a comprehensive package of initiatives to strengthen its balance sheet and liquidity.
The latest measures follow cost cuts and cash preservation efforts to help overcome the unprecedented travel and trading restrictions imposed by governments in response to the Covid-19 pandemic.
This will enable global business travel unit FCM Travel Solutions to increase its focus on key investments and to support customers.
Despite the current trading climate, FCM Travel Solutions, which has a global presence in more than 100 countries, is continuing to see strong customer activity in both sales and implementation, with record wins year to date.
Global managing director Marcus Eklund said: “Our priority is to support customers and reassure them that they can trust and count on FCM during these unprecedented times and beyond.
“FCM’s financial strength is a key element of that trust.
“This announcement of additional funding is an important step in giving our customers the confidence that we are ready to support them when their business travel activity resumes, and that we will also be in a position to accelerate FCM’s growth in the future.”
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