Complex Financing

Thomas Cook, the beleaguered travel company, has secured a new credit facility worth £200 million from its bank lending group that will be available until April 30, 2013.

It replaces a £100-million short-term credit facility it took in October. The decision by lender groups, including Barclays, HSBC, RBS, and UniCredit, has given a new lease on life to the struggling company.

“I am absolutely delighted that we have reached agreement, and I would like to thank the banks for acting so swiftly,” the BBC  quoted group CEO Sam Weihagen as saying.

“This provides the group with much increased headroom to deal with unexpected events and the effects of an uncertain economic environment,” he added.

The 170-year-old company has lost about 94 percent of its value over the past year, and its shares fell 75 percent on Tuesday. Th

Read more…

We have not yet seen any campers outside Walmart or Best Buy stores in the Cincinnati area….yet.

But already some southern shoppers are lining up for Black Friday deals, almost a week in advance.

Several people have already set up a tent outside a Best Buy store in Denton, Texas, near Dallas. Those waiting say they are not part of any Occupy Wall Street movement,  they just want to grab a great deal first, such as an $800 HDTV for $200 at midnight on Thanksgiving.

Our sister station, WFTS-TV in Tampa, found Hernandez and Christine Orta camping in front of at St. Pete Best Buy store.    ”We got here on Monday, Monday night and we set up tent and our game plan is to stay here til about Thursday, Thursday afternoon,” said Hernandez.   Smart….or crazy?   Jade Esparza, the General Manager of Best Buy at Tyrone is happy to see the tent.   Not everyone agrees. “I think it’s crazy,” remarked one shopper as she walked past.   Dri Read more…

LONDON Sinopec has agreed to invest almost $5.2 billion in the Brazilian operations of Portuguese energy company Galp Energia, the latest move in a global expansion by Chinas largest oil refiner.

Under the terms of the deal, state-owned Sinopec will invest $4.8 billion for a 30 percent stake in Petrogal Brasil, a subsidiary of Galp Energia in the fast-growing South American country. The Chinese company will make an additional loan to the Brazilian-based business for $390 million.

Galp Energia will retain the remaining 70 percent share of Petrogal Brasil. The deal values the company’s Brazilian assets at $12.5 billion.

China’s energy companies have spent billions of dollars in recent years to gain access to new energy resources. In October, Sinopec agreed to buy Daylight Energy, a Canadian oil and natural gas producer, for about $2.1 billion in cash. The

Read more…

ELFA Partners with International Franchise Association on Financing Web Seminar

On Nov. 1, five ELFA members participated in a web seminar hosted by the International Franchise Association . The seminar, “Financing Options: Which is best for my needs?” was the first in a series of Credit Access Solution seminars hosted by IFA. It was designed to educate franchisees about how equipment finance can be an attractive strategic financial option, particularly in the current environment where maintaining cash flow, preserving capital and obtaining flexible financial solutions are critical as businesses ride out the economic downturn.

IFA Board Member Aziz Hashim, President and CEO of NRD Holdings, LLC , who moderated the session, noted that the topic was important for his industry. “Ho

Read more…

Are you tired of always being stressed out about credit card debt?

Last February I was organizing a huge trip for my group of friends to escape the winter and have a spectacular week away in the sun. Most of us went through with the payment except for one close friend of ours. He just got his credit card bill and there was no way that he could afford to join us for the week. His presence was missed. We all had the time of our lives, playing beach volleyball all day and dancing all night.

Can you go on trips with your friends? Can you do the things that you want to in your 20s?

It always breaks my heart when I’m trying to organize a group trip and there’s a good friend that can’t make it because they happen to be stuck in credit card debt. Does this sound familiar?

Not only does credit card debt limit your options when it comes to travelling and enjoying yourself in your 20s, it also forces you to stay in a job that you despise where you’re surrounded by people that you can’t stand. If you do

Read more…