Libra Holidays UK is to see its ATOL licence renewed after discussions with both the Civil Aviation Authority and its bondholders.
Both the CAA and Libra bond obligors have agreed in principle to the renewal of the Libra Holidays UK ATOL licence and the underlying bonds to cover such licences for the coming year from April 2008 to March 2009.
This in principle approval follows the completion of a new shareholders agreement and a capital injection as well as the submittal of an approved three year business plan presented to all parties by the new management team.
Chairman of Libra Holidays UK Michael East said: “We are very pleased indeed to announce this important and vital strategic step forward for the new smaller but very focused Libra UK business.
“With its new management team, led by new chief executive, Eamonn Ferrin, I would like to thank our investors, the management team and the CAA and our bondholders for their great support throughout this comprehensive restructure process.”