Informa : Events firm Informa plans to become cash positive by Jan after debt restructuring

(Reuters) - Britain's Informa Plc said on Wednesday it could become cash positive by January after completing its debt restructuring and refinancing, coupled with its cost cutting programme, as the group struggles with the coronavirus hit to the events industry.

The world's largest exhibitions group had now cancelled a 750 million pound short-term credit facility and 1.1 billion pounds worth of U.S. Private Placement loan notes in the last move in a restructuring, refinancing and rescheduling of its debt that began earlier this year.

Informa, which raised 1 billion pounds through a share sale in April, said it has available liquidity of more than 1 billion pounds, with no debt maturities until 2023 and no financial covenants.

The company, which has laid off staff and closed offices as part of its cost cutting plans, said it was on track to deliver 600 million pounds of savings by the end of this year, helping its cash position even when assuming no physical events activity other than shows within Mainland China and outdoor events.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)