Troubled online travel agency set for €15.8m refinancing package

TROUBLED online travel agency CNG is preparing a $20 million (€15.8m) refinancing package.

The company, which last month admitted that losses in 2005 had swollen to $23.3m (€18.4m), said it would be looking at using part of the funds on acquisitions in the United States.

Kenmare-based CNG Travel has endured a torrid year starting with the exit of its founder and chief executive Finbarr Power after a boardroom row and culminating in the annual loss.