Travelzest lender offers further reprieve

Travelzest has won a further week to find a solution to its long-term debt crisis.

The online travel group confirmed yesterday that lender Elleway Acquisitions has agreed to extend it on-demand working capital facility until October 7.

Travelzest said: “This is notwithstanding the fact that the company is in regular contact with its primary lender and must continue to comply with its obligations under the existing and new working capital facility arrangements and that the loans and facilities are still capable of being demanded at any time.

“Consequently, the company continues to be solely reliant on the support of its primary lender in order to continue to trade.”

The company said that a further announcement would be made “in due course”.

Barclays passed on the company’s debt to Elleway Acquisitions earlier last month.

Elleway said that it supported the company’s strategy and would provide a working capital facility until the end of September when it would reassess the company’s position.

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