Embattled travel management company CTM has secured crucial financing to enable it to repay overcharged clients, as the Australia-based company looks to finally resolve its long-running accountancy crisis by the end of this week.
CTM said in a statement to the Australian Securities Exchange (ASX) on Wednesday (26 August) that it had secured AU$175 million (£92 million) in debt facilities from Pacific Equity Partners, which replaces previous financing of AU$75 million (£39.5 million).
The TMC said this facility would give it the “liquidity it needs to meet its client remediation obligations and ongoing business requirements”. CTM last week said it had reached binding deals to refund the majority of UK clients who were impacted by overcharging, including the UK government.
CTM also confirmed that it would publish its overdue audited financial results “on or before” Friday (28 August). The TMC risks being delisted from the ASX if it doesn’t publish its results by 29 August — CTM’s shares have been suspended from trading since August 2025.
Ana Pedersen, CTM’s managing director and group CEO, said in a statement: “These financing arrangements are an important step forward for CTM and provide greater certainty as we complete our outstanding financial reporting.
“We have made substantial progress resolving the historical matters identified through our reviews, allowing us to move forward with greater clarity and focus for our clients, employees, shareholders and other stakeholders.”