XL Group became a shareholder in late 2007 as part of an early refinancing of ATG, which has brands such as Libra Holidays, Argo Holidays and Jetlife.
The acquisition by ATG’s shareholders has been made under an agreement with XL’s administrator, Zolfo Cooper. The sum has not been disclosed.
ATG chairman Michael East said: ‘The agreement, which has been approved by the regulatory authorities, settles all remaining outstanding financial matters between the two companies.’
He said that the group’s winter trading was performing in line with the company’s forecasts, with volumes slightly down but selling prices up, year-on-year.
The summer period appears to be booking later, in line with the rest of the industry, but demand has been strengthening in recent weeks, as have prices.
See also:
UPDATE: XL Leisure Group grounded
[adds CAA figures, TUI and AITO comment] (12/09/08)
New name for Libra Holidays UK (03/04/08)
Libra buys Argo and Jetlife (15/02/08)
Libra takes next step to restructuring (12/11/07)
Libra names new investor/MD resigns (02/11/07)