Thomas Cook has been given some relief from its debt payments today amounting to £26 million.
The group announced to the City this morning that a 2% fee payable on a £100 million banking facility has been cancelled.
It means, in effect, that the cost of Cook financing its debts has been reduced.
The statement from Cook said: "Thomas Cook Group plc confirms that in accordance with the "cash sweep" provisions of its bank facility agreement £100 million of the liquidity facility provided pursuant to the facility agreement has been cancelled.
"As a result, an additional fee of up to 2% of the total facilities outstanding, amounting to approximately £26 million, will not be payable."
On May 5, 2012, Cook agreed a new financing package with its lenders, consisting of a total debt facility of £1,400 million with a maturity date of May 31, 2015.
The facility comprised of a £150 million term loan with no fixed repayments, a revolving credit facility of £850 million, a super senior revolving credit facility of £200 million, and a committed £200 million bonding and guarantee facility.
Following the disposal of the Cook's share in Thomas Cook (India), in August 2012 the super senior revolving credit facility was reduced by £89 million to £111 million.
After the £100 million cancellation today, the super senior revolving credit facility is reduced to £11 million.
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