Hotel operator IHG extends debt waivers to end of 2022
(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.
