Travelzest secures bank support to August 30

Travelzest secures bank support to August 30

Travelzest has won a second reprieve to enable it to continue trading until the end of August.

The operator had been given an extension of its credit facilities to last Friday (July 12) by its primary lending bank. The credit agreement had been due to expire on June 30.

Travelzest issued a statement to the Stock Exchange this morning saying that its primary lending bank “continues to remain supportive of the proposed strategy of the business”.

The bank has confirmed that “it is its current intention” to support the company for the period up to and including August 30 when it will reassess the position of the company.

“This is notwithstanding that the company must continue to comply with its other obligations under the facility arrangements and that the loan is now capable of being demanded by the primary lender at any time,” Travelzest said.

“Therefore, as previously stated the company remains reliant on the support of it primary lending bank in order to continue to trade.”

Interim results for the six months ended April 30 are expected to be released in late July when a further update as to the company's trading and debt position will be given, the statement said.

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