Thomas Cook Group PLC filed for chapter 15 bankruptcy protection in the U.S. in a move to protect itself from legal action by local debtholders, the Financial Times reported Sept. 17.
The filing would allow the U.K.-based travel services provider, which is looking to secure a £900 million rescue deal, to continue with its restructuring, the report said.
The deal would see Fosun International Ltd.-owned Fosun Tourism invest £450 million in cash in Thomas Cook for 75% of the equity of the company's tour operations and 25% of its airline business.
The company's core lending banks and debtholders would put in another £450 million for 75% of the airline and up to 25% of the tour operator.
Thomas Cook declined the news agency's request for a comment on the filing.
The news comes after the company delayed a meeting with its bondholders to vote on the proposed deal.
