National Express has struck a deal with banks to delay for six months a tightening of the terms governing its £1.2bn debt mountain.
The bus and rail operator had faced reverting to stricter lending terms from 30 June, under which its net debt would be pegged at three-and-a-half times its earnings before interest, tax, depreciation and amortisation (Ebitda).
National Express said it would have met the tougher terms after a cost-cutting drive led to job losses and a reduced dividend, but...
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