Stagecoach
Bus operator Stagecoach has extended its breathing space from its banks over a £325 million loan it is using to help it through the coronavirus pandemic. Shares in the company moved higher after it told shareholders it secured the extension to its covenant waivers until next October. The company’s previous policies ran until October 31 and May 1. The group, which operates regional buses and the Megabus coach brand, has seen services heavily impacted by the pandemic and subsequent travel restrictions. Stagecoach said it still has strong liquidity, with more than £800 million worth of remaining banking facilities. It was 3.8% higher at 60.8p.
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