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AlanBowen • 2 months ago

They have filed for Chapter 15 bankruptcy, we hear of Chapter 11 most frequently which allows companies to continue trading, but it was clearly planned to try and encourage the insurers to pay out on the basis that they are unable to pay their debts. It appears the filing does not confirm the business is insolvent, I suspect if it did the CAA would have no option put to terminate its ATOL licence and it appears this technicality may stop the insurers paying out which in turn may make the bond holders reconsider whether to agree to the plans at the meeting next week. It seems they may be between the devil and the deep blue sea....

AlanBowen • 2 months ago

Bloomberg are reporting that Thomas Cooks have filed bankruptcy proceedings in a New York court, not because they have failed, but as a means of trying to ensure the bond holders get paid out under their default insurance, which appears to have been a major stumbling block. This may be good news!

joannek • 2 months ago

I think you misunderstood the article. They have filed for bankruptcy protection not bankruptcy. The two are not the same thing.

steve kane • 2 months ago

The truth is that TC are going the way of Monach thanks to its top management miss managing this once great company but of course if it does go. Those at the top will find other posts at the top that they can then C--k up

PeterM • 2 months ago

Shouldn't you be back at school ?

Speakthetruth • 2 months ago

Well the Ferryman has done a bad job in rescuing Thomas Cook employees. Thomas Cook payed the Ferryman good money for his services - one of which was to provide robust and concrete financial and legal advice, but The Ferryman has failed. Hence the group of bondholder serpents now trying to capsize the lifeboat! The whole situation TC now finds itself in is quite outrageous. Staff now pray that the CAA blows TC a fair wind at the end of this month away from the rocks.

PeterM • 2 months ago

Are you a clone of SK.