Street Talk

Kitchen sink measures keep Flight Centre afloat

Sarah Thompson, Anthony Macdonald and Tim Boyd

Apr 5, 2020 – 6.14pm

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Listed travel agent Flight Centre has promised covenant relief and massive cost cuts to secure a $700 million equity injection.

Flight Centre's brokers Macquarie Capital and UBS will formally launch the raising – which was upsized from $500 million – on Monday morning, after locking in a bunch of institutional investors over the weekend.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

Tim Boyd is a journalist, based in Sydney, who writes for the Street Talk column.