TCG.L - Thomas Cook Group plc

LSE - LSE Delayed price. Currency in GBp
3.4510
-1.0180 (-22.78%)
At close: 4:37PM BST
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Previous close4.4690
Open3.9900
Bid3.5390 x 0
Ask3.5680 x 0
Day's range2.0001 - 3.9900
52-week range2.0000 - 64.4500
Volume145,391,176
Avg. volume40,355,817
Market cap53.002M
Beta (3Y monthly)0.55
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend date2018-03-08
1y target estN/A
  • Is the Thomas Cook share price finally on the verge of total collapse?
    Fool.co.uk

    Is the Thomas Cook share price finally on the verge of total collapse?

    A shock demand for £200m has put the future of holiday firm Thomas Cook in grave danger, and its shares have crashed even further.

  • Junk Bonds in Europe Bolster Defense Against Hedge Fund Shorts
    Bloomberg

    Junk Bonds in Europe Bolster Defense Against Hedge Fund Shorts

    (Bloomberg) -- Companies in Europe are about to take a leaf out of the U.S. playbook on credit default swaps by making it harder for hedge funds to profit from a company’s collapse.Junk bonds financing the buyout of Merlin Entertainments Plc include terms in their documentation that prevent investors holding ‘net short positions’ with CDS contracts from voting on amendments, waivers or default notices. The provision follows similar efforts by high-yield borrowers in the U.S. sidelining speculators with an interest in seeing a company going bust.“This is the first time the provisions have been seen in European deals,” analysts at Aggredium Finance Ltd. said. “Put simply: If you bring a notice of default, you have to promise that you’re not banking harder on the company’s failure to pay its debt than its ability to sail through to maturity.”CDS contracts typically insure bond or loan holdings against the risk of default and are frequently used by hedge funds betting on companies running into trouble. Some investors buy default protection in excess of their underlying credit exposure -- hence ‘net short’ -- to profit as the company’s credit risk worsens or to receive a windfall if the borrower goes bankrupt.In recent years that has led to manufactured defaults, where hedge funds have enticed companies to miss bond payments they could otherwise make to pocket a payment on swaps. Some of the most high-profile cases involved U.S. homebuilder Hovnanian Enterprises Inc. and Spanish gaming company Codere SA.This type of hedge fund manipulation is leading to closer scrutiny of the $10 trillion credit derivatives market that already fell out of favor after being blamed for exacerbating the global financial crisis. More recently, swaps have found themselves at the heart of restructuring procedures such as the ongoing attempt to rescue Thomas Cook Group Plc, which CDS holders are threatening to block.Read more: Thomas Cook’s Rescue Tests Reputation of Default ProtectionNet-short language “is still untested so it’s anyone’s guess how the provisions will impact bond prices, liquidity, or even whether the company will even be able to figure out if a holder is net short or not,” the Aggredium analysts said.U.S. PrecedentMerlin’s $982 million bond financing, which backs the buyout by the Danish family behind Lego in a consortium including Blackstone Group LP, is expected to launch in the near future, according to people familiar with the matter, who asked not to be identified discussing a private matter.Another deal for U.K. satellite company Inmarsat Plc is also adopting the language. It’s offering $1.125 billion of bonds due in 2026 that include same net-short terms, according to documents seen by Bloomberg News.Proceeds from Inmarsat’s bond sale will finance its acquisition by Warburg Pincus, Apax Partners and two Canadian pension funds. That transaction also includes a time limit on covenant enforcement, which is also aimed at mitigating risks from net short activists, according to debt research firm Covenant Review.Representatives for Merlin and Connect Bidco, the consortium bidding for Inmarsat, both declined to comment.Net short language has been only been seen in U.S deals so far -- the first high-yield bond offering with a net-short disenfranchisement provision was a $300 million issue by Sirius Computer Solutions in June.\--With assistance from Katie Linsell.To contact the reporters on this story: Laura Benitez in London at lbenitez1@bloomberg.net;Sally Bakewell in New York at sbakewell1@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Charles DalyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Britain's Thomas Cook scrambles for $250 million to avert collapse
    Reuters

    Britain's Thomas Cook scrambles for $250 million to avert collapse

    Britain's Thomas Cook urgently needs 200 million pounds ($251 million) to satisfy its lenders or one of the world's oldest holiday companies could collapse in the next few days, potentially leaving hundreds of thousands of holidaymakers stranded. The pioneer of the package holiday agreed key terms of a 900 million pound recapitalisation plan last month with Chinese shareholder Fosun and the travel firm's banks, significantly diluting existing shareholders. Thomas Cook employs 21,000 staff and has 600,000 customers currently on holiday, mostly from Germany, Britain and Scandinavia.

  • Thomas Cook in Talks to Increase Size of Proposed Rescue Package
    Bloomberg

    Thomas Cook in Talks to Increase Size of Proposed Rescue Package

    (Bloomberg) -- Thomas Cook Group Plc has told backers of its $1.1 billion rescue that it needs even more funds as it heads into the autumn season when travel firms spend more than they earn.The company said it will require another 200 million pounds ($251 million) on top of 900 million pounds already agreed in a bailout led by Fosun Tourism Group. Thomas Cook’s shares fell as much as 28% after the company disclosed it had requested the extra cash.The company that invented the package holiday has gone within a year from concern about how a freak north European heatwave in 2018 hurt sales to a full-on fight for survival.It’s trying to save itself by swapping existing debt into shares, leaving Fosun holding the majority of its tour-operating business while a group of creditors will control its airlines. On Sept. 17, it filed for Chapter 15 court protection in the U.S.The company needs the support of investors holding at least 75% of its debt when it puts its restructuring proposal to a vote on Sept. 27, a crucial step to get the plan approved by a U.K. court.“The next few days are going to be pretty crucial for Thomas Cook,” said Neill Keaney, an analyst at CreditSights in London. “Time is of the utmost importance and things can unravel pretty quickly.”A group of hedge funds is threatening to block the rescue because it may stop them cashing in holdings of credit default swaps that pay out when a company defaults.Restructuring efforts also face the threat that customers stop buying vacations and flights from Thomas Cook for fear that the company won’t be around to honor their bookings.The British Airline Pilots Association called on the U.K. government in a statement Friday to intervene and pressure banks to provide additional liquidity.The stock was trading down 22% at 3.50 pence as of 10:52 a.m. in London, valuing the travel operator at around 54 million pounds, the lowest since the company took its current corporate structure in 2007.\--With assistance from Katie Linsell.To contact the reporters on this story: Irene García Pérez in London at igarciaperez@bloomberg.net;Richard Weiss in Frankfurt at rweiss5@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Luca Casiraghi, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Thomas Cook share price is down another 20%. Is this the end?
    Fool.co.uk

    The Thomas Cook share price is down another 20%. Is this the end?

    The latest news from Thomas Cook suggests its share price will fall to zero pence, says Roland Head.

  • Thomas Cook Plunges as Tour Operator Seeks More Bailout Money
    Bloomberg

    Thomas Cook Plunges as Tour Operator Seeks More Bailout Money

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Shares of Thomas Cook Group Plc tanked after the U.K. tourism operator said it needs more emergency financing.Thomas Cook said it will require another 200 million pounds ($251 million) for a “seasonal standby facility,” sending the shares down as much as 28%. The company already increased the size of a bailout plan in August by 20% to 900 million pounds.Thomas Cook is trying to save itself by selling the majority of its tour-operating business to the tourism arm of Chinese shareholder Fosun International Ltd., and its airlines to a group of creditors, a rescue plan that would swell to 1.1 billion pounds. On Sept. 17, it filed for Chapter 15 court protection in the U.S., and with the summer travel season in the northern hemisphere ending, it’s poised for a seasonal swing from generating to burning cash.The company that invented the package holiday has gone within a year from concern about how a freak north European heatwave in 2018 hurt sales to a full-on fight for survival. The stock was trading down 25% at 3.35 pence as of 9:46 a.m. in London, valuing the travel operater at 52 million pounds, the lowest since the company took its current corporate structure in 2007.Efforts to raise cash by selling the airline operations thus far didn’t succeed, and while banks and bondholders haven’t turned their backs on the tour operator yet, any restructuring efforts will prove void if customers stop buying vacations and flights from Thomas Cook for fear that the company won’t be around to honor their bookings.The British Airline Pilots Association called on the government in a statement Friday to intervene and pressure banks to provide additional liquidity.To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.netTo contact the editors responsible for this story: Daniel Schaefer at dschaefer36@bloomberg.net, Tom Lavell, Andrew NoëlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • What to Watch: Bed startup dives on profit warning, Sports Direct weighs in on JD deal, and Airbnb eyes listing
    Yahoo Finance UK

    What to Watch: Bed startup dives on profit warning, Sports Direct weighs in on JD deal, and Airbnb eyes listing

    A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.

  • Thomas Cook on brink of collapse as 180,000 risk being stranded
    Yahoo Finance UK

    Thomas Cook on brink of collapse as 180,000 risk being stranded

    A collapse of the travel operator could leave up to 180,000 stranded abroad and put 20,000 jobs at risk.

  • Reuters - UK Focus

    LIVE MARKETS-London on the backfoot

    Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. The major European stock futures are on the backfoot this morning as investors lock in profits amid broader caution about US-China trade talks, government stimulus and spikes in overnight lending rates in the United States. London futures are leading the charge lower, down 0.7% after sterling rallied to a two-month high as hopes the country will avoid a no-deal Brexit build again after European Commission President Jean-Claude Juncker said a new Brexit deal could still be reached before the Oct. 31 deadline and the backstop could be potentially replaced.

  • Reuters - UK Focus

    UPDATE 5-Britain's Thomas Cook scrambles for $250 mln to avert collapse

    Britain's Thomas Cook urgently needs 200 million pounds ($251 million) to satisfy its lenders or one of the world's oldest holiday companies could collapse in the next few days, potentially leaving hundreds of thousands of holidaymakers stranded. The pioneer of the package holiday agreed key terms of a 900 million pound recapitalisation plan last month with Chinese shareholder Fosun and the travel firm's banks, significantly diluting existing shareholders. Thomas Cook employs 21,000 staff and has 600,000 customers currently on holiday, mostly from Germany, Britain and Scandinavia.

  • Thomas Cook scrambles for £200 million to avert collapse
    Reuters

    Thomas Cook scrambles for £200 million to avert collapse

    Britain's Thomas Cook urgently needs £200 million to satisfy its lenders or one of the world's oldest holiday companies could collapse in the next few days, potentially leaving hundreds of thousands of holidaymakers stranded. The pioneer of the package holiday agreed key terms of a 900 million pound recapitalisation plan last month with Chinese shareholder Fosun and the travel firm's banks, significantly diluting existing shareholders. Thomas Cook employs 21,000 staff and has 600,000 customers currently on holiday, mostly from Germany, Britain and Scandinavia.

  • Reuters - UK Focus

    Thomas Cook confirms lenders' request for extra 200 mln stg in rescue deal

    British travel firm Thomas Cook on Friday said an extra 200 million pounds ($251.48 million) had been requested by stakeholders in talks to finalise the restructuring plan to save the company. The world's oldest holiday company, agreed the key terms of a 900 million pound ($1.1 billion) recapitalisation plan in a deal with Chinese shareholder Fosun last month, but on Thursday a source said that lenders were demanding another 200 million pounds in underwritten funds. "Discussions to agree final terms on the recapitalisation and reorganisation of the Company are continuing between the company and a range of stakeholders," Thomas Cook said in a statement.

  • Reuters - UK Focus

    LIVE MARKETS-On our radar: supermarkets and airlines

    Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Casino is in talks to sell its French discount store chain Leader Price to German low-cost rival Aldi, the latest move by the French retailer to cut debts. There are more ructions in the airline and travel sector: French budget airline XL Airways has become the latest example of low-cost airlines running into financial trouble amid sector overcapacity as it suspended ticket sales and.

  • Reuters - UK Focus

    UPDATE 1-Thomas Cook hit with extra funding demand, threatening rescue

    A rescue deal for Thomas Cook was facing fresh uncertainty on Thursday after the travel firm was hit with a demand for extra funds and a panel of bankers delayed a decision that might have won credit investors over to a deal. The world's oldest holiday company, which employs 21,000 people across 16 countries, agreed the key terms of a 900 million pound ($1.1 billion) recapitalisation plan in a deal with Chinese shareholder Fosun last month.

  • Reuters - UK Focus

    UK panel delays ruling on Thomas Cook payout under bankruptcy

    A panel of bankers will not make a decision on whether some investors in Thomas Cook's credit are due a payout under bankruptcy rules until at least Monday, it said on Thursday. Following Thomas Cook's filing for Chapter 15 bankruptcy protection in the United States earlier this week, Credit Derivatives Determinations Committees (DCs) met on Thursday to discuss whether a bankruptcy credit event has occurred. A ruling from the DCs is key for deciding whether holders of Credit Default Swaps (CDS), instruments used to insure exposure to credit, will get paid for their bets against the world's oldest travel company.

  • Reuters - UK Focus

    UPDATE 1-Panel to rule on credit dispute key to Thomas Cook's future

    A panel of bankers will rule on Thursday whether some investors in Thomas Cook's credit are due a payout under bankruptcy rules, a decision that could smooth a rescue of the world's oldest travel company. Holders of Credit Default Swaps (CDS), instruments used to insure exposure to credit, are digging in for a payout for their bets against the company.

  • Reuters

    Panel to rule on credit dispute key to Thomas Cook's future

    A panel of bankers will rule on Thursday whether some investors in Thomas Cook's credit are due a payout under bankruptcy rules, a decision that could smooth a rescue of the world's oldest travel company. Holders of Credit Default Swaps (CDS), instruments used to insure exposure to credit, are digging in for a payout for their bets against the company.

  • Reuters - UK Focus

    Thomas Cook restructuring plan overshadowed by CDS dispute

    The fate of travel firm Thomas Cook could be shaped by a technicality: that a panel of bankers declare it has committed a default before it can be saved, in order to satisfy credit investors who had bet on its demise. Thomas Cook agreed the key terms of a rescue deal with shareholder Fosun last month, but it must be approved by creditors next week. Holders of Credit Default Swaps (CDS), instruments used to insure exposure to credit, are digging in for a payout for their bearish bets on the company.

  • Thomas Cook’s Rescue Tests Reputation of Default Protection
    Bloomberg

    Thomas Cook’s Rescue Tests Reputation of Default Protection

    (Bloomberg) -- The $10 trillion market for derivatives that pay out if a company goes bust faces a test of its credibility as U.K. travel agent Thomas Cook Group Plc heads toward a $1.1 billion rescue.Thomas Cook filed for Chapter 15 bankruptcy protection in the U.S. on Monday as part of a broader debt restructuring. But the filing stopped short of stating the company is insolvent, an ambiguity that means hedge funds holding credit-default swaps insuring Thomas Cook debt may not get their money.Investors holding the swaps are already battling against a technicality in the terms of Thomas Cook’s planned debt restructuring that threatens to make their CDS holdings worthless. The rescue centers on converting Thomas Cook debt into equity, which leaves the swaps with no bonds to insure.“Buying insurance against a default and then being unable to claim when the company does actually default defeats the point of having it,” said Henry Craik-White a portfolio manager at Wells Fargo Asset Management in London. “It makes a mockery of the product.”CDS contracts pay out when a Determinations Committee of swaps traders decides that a company running into difficulty and failing to keep up with its debt obligations constitutes a so-called credit event.The hedge funds holding Thomas Cook CDS are threatening to scupper the rescue plan, which is led by China’s Fosun Tourism Group, by blocking it at a creditor meeting later this month. If that maneuver is successful, it could also challenge the reputation of the CDS market.Regulators are already eyeing the derivatives market for so-called manufactured credit events, when funds entice companies to miss bond payments they could otherwise make. Even the Pope has linked the swaps to “extremely immoral actions.”“Once a company gets close to a credit event, CDS protection buyers have a serious incentive to make sure the swaps get triggered,” said Mahesh Bhimalingam, senior European credit strategist at Bloomberg Intelligence. “It can encourage some activity that feels like abuse of power or market manipulation to outsiders.”Read more: Thomas Cook Rescue Under Challenge From Hedge-Funds PlanSona Asset Management, one of the hedge funds seeking a payout on Thomas Cook swaps, made money on a similar trade earlier this year involving retailer New Look. Sona was able to ensure New Look swaps paid out by buying enough of the U.K. fashion retailer’s bonds to influence its debt restructuring.Asset RulesCredit protection on banks and sovereigns is easier to settle than on companies because those contracts were updated in 2014 to allow them to pay out even after debt is converted into equity or wiped out.Thomas Cook’s case may lead to more pressure for those rules, known as “asset-package delivery” to be applied to corporate CDS.“If only the asset-package delivery rule applied to European corporates as well, there wouldn’t be this problem,” said Soren Willemann, a Barclays Plc credit strategist.A spokesman for the International Swaps and Derivatives Association said that any change to the market’s rules will require “broad industry consensus and agreement.”Chapter 15 protection has triggered CDS payments before, for example on Canadian paper company Tembec Industrials Inc. over a decade ago, according to Neill Keaney, an analyst at CreditSights in London. But the precise level of court protection required by Thomas Cook may be deemed insufficient for a credit event, he said.The Determinations Committee has come in for criticism in the past when traders experienced delays in settling swaps linked to Spanish lender Banco Popular Espanol SA and commodity trader Noble Group Ltd.“If Thomas Cook CDS doesn’t pay out then there will be inevitable questions over the efficacy of the instrument,” Keaney said. “Arguments will arise again over letter of the law versus spirit of the law.”To contact the reporter on this story: Katie Linsell in London at klinsell@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Thomas Cook Files for U.S. Bankruptcy Protection
    Bloomberg

    Thomas Cook Files for U.S. Bankruptcy Protection

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Thomas Cook Group Plc has filed for Chapter 15 court protection in the U.S. as part of a broader debt restructuring for the U.K. travel agent.The company’s Chapter 15 petition was filed in the Southern District of New York, court papers dated Sept. 16 show. Law firm Latham & Watkins is representing the company, according to the documents.Chapter 15 of U.S. bankruptcy law shields foreign companies from lawsuits by U.S. creditors while they reorganize in another country. The filing may also trigger the payout of default insurance on Thomas Cook debt.Read more: Thomas Cook Rescue Under Challenge From Hedge-Funds PlanThe travel agent’s creditors are set to vote on Sept. 27 on a proposed scheme of arrangement, a U.K. court procedure that will allow Chinese investor Fosun Tourism Group to lead a planned rescue of the company.Thomas Cook proposed to swap 1.67 billion pounds ($2.07 billion) of bank debt and bonds for 15% of the equity and at least 81 million pounds of new subordinated notes, which will pay interest with more debt, according to the documents. After the injection of at least 900 million pounds of new money, Fosun will hold 75% of the shares of the tour operator arm and up to 25% of the airline.The case is Thomas Cook Group Plc, 19-12984, U.S. Bankruptcy Court for the Southern District of New York.(Adds restructuring plan details in fifth paragraph)To contact the reporters on this story: Irene García Pérez in London at igarciaperez@bloomberg.net;Katie Linsell in London at klinsell@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Luca CasiraghiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • U.K. Aviation Watchdog Prepares for Possible Thomas Cook Collapse
    Bloomberg

    U.K. Aviation Watchdog Prepares for Possible Thomas Cook Collapse

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The U.K. aviation regulator is preparing for a possible collapse of tour operator Thomas Cook Plc ahead of a showdown with bondholders, the Times of London reported, without saying where it got the information.The Civil Aviation Authority is making contingency plans for the possibility of having to repatriate “hundreds of thousands” of passengers stranded abroad, the newspaper said. The regulator’s preparations come ahead of an Oct. 1 deadline for renewal of Thomas Cook’s air travel organizer’s license. The U.K. Civil Aviation Authority was unavailable for comment outside of normal working hours. Thomas Cook declined to comment on a possible delay of the meeting. Thomas Cook is currently trying to secure a more than 1 billion-pound ($1.3 billion) rescue package with lenders and bondholders including Fosun International Ltd. The travel agent may appeal to the courts to push back a bondholder meeting set for Wednesday in order to gain more time to finalize the restructuring agreement, the Financial Times reported without saying where it got the information.Thomas Cook’s bonds fell to record lows on Friday and shares have fallen 84% this year as it seeks a rescue amid wilting profits, falling demand and the impact of Brexit. Last week, a group of hedge funds holding credit insurance on the company was said to challenge the plan in order to ensure they get a payout. Thomas Cook has lined up AlixPartners as an adviser if rescue talks with Fosun and other lenders fall apart.\--With assistance from Niluksi Koswanage.To contact the reporter on this story: Michael Msika in London at mmsika4@bloomberg.netTo contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Stephen Treloar, Andrew DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Why the Thomas Cook share price fell 27% in August
    Fool.co.uk

    Why the Thomas Cook share price fell 27% in August

    The Thomas Cook Group plc (LON:TCG) share price had another shocking month in August but is the stock now a stunning bargain or a portfolio destroyer?

  • Thomas Cook Group plc (LON:TCG): What Does Its Beta Value Mean For Your Portfolio?
    Simply Wall St.

    Thomas Cook Group plc (LON:TCG): What Does Its Beta Value Mean For Your Portfolio?

    Anyone researching Thomas Cook Group plc (LON:TCG) might want to consider the historical volatility of the share...

  • Bloomberg

    Thomas Cook Rescue to Be Challenged

    (Bloomberg) -- Holders of credit insurance on Thomas Cook Group Plc are drawing up plans to potentially block the U.K. travel agent’s $1.1 billion rescue in order to ensure they get a payout.The group of hedge funds, including Sona Asset Management and XAIA Investment GmbH, may vote against a bailout led by Fosun Tourism Group at a creditor meeting on Sept. 18 if they don’t secure their payment before then, according to people familiar with the plan. Fosun’s rescue includes a debt-for-equity swap that could prevent compensation on their default insurance.The hedge funds are drawing up the plans because they fear the conversion into equity swap that’s central to the restructuring may leave their holdings of credit-default-swaps with no debt to insure. This would prevent a payout in accordance with the contracts.Law firm Fieldfisher LLP is representing them, the people said asking not to be named discussing private information. The investors also bought Thomas Cook bonds entitling them to attend the meeting.Under the rules of schemes of arrangement -- a U.K. court procedure -- the investors will need to hold at least 25% of Thomas Cook’s bonds to influence the debt restructuring. Investors hold about $261 million of swaps on Thomas Cook in total, according to the latest data from the International Swaps & Derivatives Association.Representatives for Fieldfisher, Sona and XAIA declined to comment on the plans.The group has already contacted Thomas Cook’s financial adviser PJT Partners and the bondholders’ legal adviser Milbank, according to the people familiar with the matter.Representatives from PJT and Milbank declined to comment.Thomas Cook declined to comment. As part of the schemes of arrangement, the company may file for Chapter 15 court protection from creditors in the U.S. That could trigger a payout on the default swaps before next week’s bondholder meeting and solve the problem for the insurance holders.Read more: Credit Swaps Flaw Spurs Trade on Thomas Cook Debt RestructuringThe travel company sought its rescue amid wilting profits as its core north-European customers vacationed at home during successive summer heatwaves. Uncertainty over the economic impact of Brexit has also weighed on demand.Sona has successfully steered a similar maneuver in the past. The London-based fund ensured payouts on New Look Retail Group Ltd.’s swaps earlier this year by buying enough of the U.K. fashion retailer’s bonds to influence its debt restructuring.To contact the reporter on this story: Katie Linsell in London at klinsell@bloomberg.netTo contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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