Company updates US Court Move Wins Thomas Cook Time for Rescue Deal by GTP editing team 18 September 2019 written by GTP editing team 18 September 2019 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 16 Photo Source: Thomas Cook British tour operator Thomas Cook has filed for Chapter 15 bankruptcy protection in the United States, intended at shielding the group from bondholders so that it can proceed with its rescue scheme, according to international press reports. Tuesday’s court move gives priority to UK law over 1.15 billion euros of bonds issued under US authority, which the company wants to include in the proposed restructuring plan. The court action has pushed back a creditors’ vote on the restructuring until next week, with the planned finalization of the deal set for October. Thomas Cook now has one more week to clear any hurdles before the scheduled creditor hearings set for September 27 and 30. Meanwhile, shares in the 178-year-old group have nosedived, sinking by over 90 percent in the last year. In February, the company had announced the sale of its airline, now part of the restructuring process, which requires backing from lenders holding 75 percent of the company’s debt. Last month, the British tour operator said it had agreed to the main terms of a 450-million-pound rescue injection by Hong Kong’s Fosun Tourism with the Chinese company set to acquire at least 75 percent of Thomas Cook’s tour operations and 25 percent of its airlines. Founded in Market Harborough in 1841, Thomas Cook serves 19 million customers a year with a staff of 22,000 in 16 countries. Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post Zante Ferries Takes Over Samothrace- Alexandroupolis Route Until October 31 next post Greece Examines Higher Royalties with Investor Eldorado Gold You may also like Greece’s Hotel Market Sees Major Investments Over Four Months 5 February 2025 Greek Tourism Ministry Monitors Santorini Situation as Seismic Activity Continues 5 February 2025 Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 Greek PM Reassures Public About Santorini’s Ongoing Seismic Activity 5 February 2025 Milos: Ministry Suspends 5-star Hotel Construction Near Sarakiniko Beach 5 February 2025 ELIME and HELMEPA Join Forces for Safer, More Sustainable Greek Ports 5 February 2025 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ