trending Market Intelligence /marketintelligence/en/news-insights/trending/UjfC_rNH7HTt7O5C_gMoJw2 content esgSubNav
In This List

Thomas Cook files for chapter 15 bankruptcy

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Thomas Cook files for chapter 15 bankruptcy

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.