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Flight Centre Travel Group has announced a package of initiatives to strengthen its balance sheet and liquidity position.
The company has secured a total AUD$900 million through a mix of capital raising and new debt facilities as it battles a downturn in business in the midst of the coronavirus pandemic.
The additional funding means the group’s total liquidity position now amounts to over AUD$2.3 billion.
The moves mean subsidiary FCM Travel Solutions will be able to increase its focus on key investments and to support customers even during prolonged challenging business travel trading conditions.
Despite the current trading climate, FCM, which has a global presence in over 100 countries, is continuing to see strong customer activity in both sales and implementation, with record wins year to date.
Marcus Eklund, global managing director, FCM Travel Solutions, 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.”
Source: breakingtravelnews.com