Industry Update
External Article14 December 2020

Hotel operator IHG extends debt waivers to end of 2022

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reuters.com external

(Reuters) - Holiday Inn-owner Intercontinental Hotels Group has struck an agreement with its creditors to extend waivers of its debt covenants through the end of 2022, the company said in a statement on Friday.

The move by IHG to shore up its finances comes as the hotel industry faces a plunge in travel demand due to the COVID-19 pandemic, forcing it to adjust its interest cover and leverage ratios and boost efforts to maintain minimum liquidity of $400 million until December 2022. (bit.ly/2LstBnd)

All, including Europe's biggest hotel group Accor and Premier-inn owner Whitbread, have taken steps to cut costs and lower their workforce in a bid to ride out the crisis.

Read the full article at reuters.com

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