Thomas Cook shares soar as firm secures £200m lifeline

Shares in beleaguered travel operator Thomas Cook have jumped 66% after it reached an agreement with its creditors to give it new access to funding, the BBC reports.

Shares in the company were up 66% to 30p this morning after plunging 75% last Tuesday when the group said it was in talks to increasing its borrowings. It had also warned it was considering the closure of around 200 travel agencies. The firm said weak consumer confidence due to political unrest in Egypt and Tunisia and floods in Thailand has hit sales. Its bankers, including Barclays, HSBC, RBS and UniCredit, have agreed to provide a new £200m facility until 30 April 2013. The new deal replaces the £100m short-term credit agreement announced on 21 October 2011, according to the BBC. ...