Flight Centre starts pitch for $500m rescue
Flight Centre Travel Group is attempting to secure support for a $500 million equity raising, which would likely take place at a huge discount to its last traded price.
The Australian Financial Review claims the business is now in front of a small group of fund managers working to secure a deal, priced at just $7.20 per share.
The sources claim Macquarie Capital and UBS started crossing funds, including existing institutional shareholders, on Friday, with the two banks expected to underwrite the offer.
Shares in the company last traded at $9.91, down from a 52-week high of $49.14, before a suspension.
Last week, Flight Centre Travel Group announced that 3,800 sales and support employees would be either stood down or made redundant in Australia.
The business also said i...