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Pint of what you’re on please. The hallucinations appear more profound than magic mushrooms! I still reckon 4p on the way soon.
Some 2M sales about to go thro - looks like they don't like babysitting ?
Sitting on very large losses ?
Or left you ho;ding the baby ?
No surprise if TUI BUY TCG
https://www.aero.de/news-32531/Tui-will-mit-Condor-fliegen.html
Tui wants to fly with Condor
Theoretically it could but looking very unlikely. Interesting to note that all those posters who less than 5 weeks ago were out in force suggesting a strong buy and saying it could not go under, seem to have largely disappeared. If what some were saying was correct, and they were “filling their boots” on the recovery to around 12p, the. They are sitting on some very large losses.
It’s already worth single digit pence. Long term could it survive and recover value?
What if you hold shares and start placing shorts on spread to protect downside risk in case it changes? Would that work?
This is true, surely if there was even the smallest doubt, trading would have been suspended by now?
HK85 I agree this is a huge risk by holding - hope all shareholders who simply cannot afford to lose have made their decisions best for themselves, I am still willing to hold however am very watchful each day.......
Kiwikev there are talks in the market that SH will be wiped out not diluted as the BOD previously stated so not even sure why the shares are currently tradable!!
And more buys than sells.......
https://www.aero.de/news-32531/Tui-will-mit-Condor-fliegen.html
Tui wants to fly with Condor
HANNOVER - Thomas Cook wants to split off its airline business. According to a report of the "Handelsblatt" competitor Tui senses a rare opportunity on a joint Venure with Condor. The last attempt at a similar venture tucked Tui a lot of trouble with the flying staff.
Days of the decision in Thomas Cook: the ailing travel group is facing a split. The Chinese major shareholder Fosun wants to take over the tour operator and hotel business, banks and bondholders are to receive the majority of the flight business.
It is still unclear whether this will work - according to a report by the Times, the British aviation authority CAA is already preparing for the case of a grounding of the Thomas Cook airlines.
In the crisis, competitor Tui sees an opportunity. The "Handelsblatt" reports on "talks" between Tui and Condor about a shared holiday plane. Tui boss Friedrich Joussen wants to outsource the flight operations to the new joint venture - thereby minimizing his own costs and risks in the airline business.
The idea is not entirely new: in 2016, Tui had negotiated with Air Berlin and its major shareholder Etihad Airways about a joint holiday plane. The talks caused considerable unrest in the Tui workforce to a wildcat strike.
This time, Tui apparently wants to get the flying staff on board early: in a letter dated 27 August, quoted by the "Handelsblatt", the Tui airline management announces its intention to "take advantage of market opportunities," this should be in the next Months ".
© dpa-AFX, aero.de | Fig .: TUIfly | 17.09.2019 08:47
Neset previously stated their 8% holding is “unlikely to be wiped out”.
Neset preciously day their 8% holding is unlikely to be wiped out from the previous ft article.
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 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 de
Read more at: https://www.bloombergquint.com/business/thomas-cook-s-rescue-tests-reputation-of-default-protection
Copyright © BloombergQuint
Read more at: https://www.bloombergquint.com/business/thomas-cook-s-rescue-tests-reputation-of-default-protection
Copyright © BloombergQuint
Read more at: https://www.bloombergquint.com/business/thomas-cook-s-rescue-tests-reputation-of-default-protection
Copyright © BloombergQuint
Fankhauser, and his cronies need walking off the premises. The whole lot of them are way in over their head and spending millions on advisors . They even agreed to a 5 million walk away bond to Fosun if the deal collapses, unbelievable!!!
Steve Miley, senior market analyst at Asktraders.com said that, even if a deal is secured, Thomas Cook will 'still have to convince the CAA of its solvency in order to renew its ATOL licence by the end of September'.
Miley said: "The deal that is viewed as destroying wealth for current shareholders might provide a gasp of air for the struggling company, but it remains to see how the cash infusion would be used to turnaround a giant in a changing tourism industry."
He added: "The cash infusion would only be seen as a short-term fix, whereas Thomas Cook needs a longer-term strategy and solution in a structurally shifting market."
Yep its like we keep on breathing until we no longer can....
more apt question is , how clueless is the business signing up to the partnership with a company that hardly has any breath left in it?
Fosun guy signs up for Wolves and Thomas Cook ... who is this idiot?
ad the hearing will be not before the 7. October !
Thomas Cook Files for U.S. Chapter 15 Bankruptcy Protection (1)
2019-09-17 08:33:22.12 GMT
By Irene García Pérez and Katie Linsell
(Bloomberg) -- 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 Plan
The 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.
Very nearly two years ago Monarch had been told to expand. It’s a known fact that they were interviewing pilots on the Friday, but in the early hours of the following Monday the plug was pulled. That is indeed exactly how it works.
Why would a company near collapse announce a new partnership?
https://www.google.co.uk/amp/s/www.traveldailymedia.com/amp/thomas-cook-announces-partnership-with-g-adventures-and-g-touring/
TC would make a great MBA thesis, you can never run out of words even if the thesis was 100,000 words
ft article today
"Thomas Cook’s management team is facing a new challenge in its battle to save the 178-year-old travel group: credit default swaps.
The UK-based tour operator agreed the main terms of a £900m rescue deal with its biggest shareholders and lenders last month, after failing to adjust to a big shift by customers from the high street to the internet. But now the company is looking to push back a crucial meeting with its bondholders, originally set for tomorrow, partly out of fear that a group of hedge funds will block the deal.
The hedge funds are not resisting because they think the rescue plan is a bad one. Nor do they think the restructuring is too favourable to shareholders, rather than creditors. It is because they are worried the scheme might not trigger payouts on CDS. These are derivatives that behave like insurance contracts, protecting holders against the risk that a company does not repay its debts. Yet while a life insurance contract is simple to settle — a person is either alive or dead — the shades of grey in the death of a company make CDS much more unpredictable.
Thomas Cook is trying to reorganise its debt in a way that will trigger losses for bondholders. This is exactly the scenario where CDS should pay out. But they may not due to “reasons of almost theological complexity”, in the words of one bondholder.
The analogy evokes the high priests of the CDS market: an industry panel of in-house lawyers known as the “determinations committee”, drawn from nine banks and five fund managers, who decide whether swap holders get their windfalls. This committee’s reliance on highly complex legal arguments has led to a run of bizarre outcomes. The DC, as the committee is known in the trade, is widely seen as technocratic at best, or conflicted at worst.
In the Thomas Cook case, some bondholders worry that even if the company files for protection from creditors in the US courts, it may still not trigger the swaps.
When Spain’s Abengoa filed for protection from its creditors four years ago, for example, it led to a surreal scenario where CDS written under one set of contracts were triggered, but those under a newer set did not. This was because of a one-word difference in a single clause.
Earlier this year, the DC disregarded a strict interpretation of English law and voted in favour of fixing a technical glitch in telecoms company VodafoneZiggo’s CDS. Cynics noted the banks, whose representatives hold most of the seats on the committee, stood to lose from the decision going the other way. Perverse outcomes in the CDS market often provoke amusement among observers, because the victims are typically highly paid traders.
The joke seems less funny when the consequences spill over into the real world and, as with Thomas Cook, hold hostage the rescue of a group with more than 20,000 employees."