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Article: TUI Travel secures $699-million loan for refinancing and expansion.(Shipping)
- Article from:
- Manila Bulletin
- Article date:
- October 1, 2009
CopyrightCOPYRIGHT 2009 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON, Oct. 1 (Reuters) – TUI Travel, Europe's biggest tour operator, said it would raise 440 million pounds ($698.6 million) to fund acquisitions and hasten the repayment of a loan to its majority shareholder TUI AG.The group, formed through the tie-up of TUI AG's travel division and Britain's First Choice, said on Tuesday it had agreed to reschedule the repayment of 900 million pounds of borrowings from TUI AG, which has a 51.6 percent shareholding.It also added that it intended to cancel an order for 10 Boeing 787s – the much-delayed "Dreamliner"aircraft – but added that it had options to buy more in the future if demand was there.The cancellation ...