Member Info for HK85

I thought my wife was a cash burner!!

They initially needed £300m headroom, that changed to £750m then £900m and now £1bn.

Ambly I have said that a few days back you can check my posts.

Recap deal or admin however some on here whether they are rampers or derampres act too big headed. For instance I’ve asked illbe what is the final outcome should the deal see the light he simply stall. A deal could happen but it’s factors no1 knows them except for bod, lenders and bond holders

I want to a definitive final outcome otherwise everything you just wrote doesn’t add any value, it’s public info available in the RNS and the video.

If you are not speculating of what will be happening just tell, what will be the final outcome in October I’m asking u a very simple question

Btw what you’ve mentioned below it’s not your opinion, this is what is actually being proposed

Opinion = nothing

I want to hear certainty otherwise it still falls under speculation

@illbe

I don’t like to argue let’s get straight to the point I want a definitive answer from you, and this definitive answer should be the final outcome that will take place after/if the recap is finalised

The same goes without saying for rampers

Illbe even bill ackman investment decision is purely based on speculation.

No optimism at all, but all what we’re posting here including myself is purely speculative. Unless you’re one of the bod, bondholder or a lender.

It’s as simple as that illbe

One fact about TCG that is certain, no1 knows what the final outcome will be. Whatever you read whether it’s positive or negative is purely speculation

@illbe
What we’re failing to see is the future value that bond and lenders can get out of the new rights issue, we can talk all what we want but if they are willing to write off 1.7bn and inject an additional 450m then something must be paying off.

@matlot
It should be a red flag if no D4E was projected

@illbe

Two different markets, one that will be significantly diluted and the other will simply disappear if the deal sees the light

@illbe

Strange that €100 bonds are trading for €11.

With an astronomical 119% yield.

It’s absolutely normal for the bond to be trading at such level due to the potential D4E, I’m actually surprised there’s still a market for the notes, the daily price movements are purely due to day traders

I really don’t see any reason to argue here JTM

Anyone can decide yo go long or short on any stock, at the end of the day both side are here to make profit.

I’ll put it for you in a simple way. Let’s say you bought your shares at 10P and sold it at 20P, now can we shame you for buying from someone on the cheap and sell it high???

@Plaintruth53 no more predetermined days!!

What happened to Fridays?!?

Meant to say it won’t and not I won’t

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.

I won’t stand in court as total bonds is EUR1.150bn which is circa $1.265bn, 25% of this figure is roughly $316m

“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.”

From the looks of it, it seems like they traded CDS purely from a speculative perspective and want a payout now

Got it from my BBG terminal

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 Restructuring
The 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.

That explains it thanks

On thomson reuters eikon it does only show position change for the top 10 investors for instance invesco is showing to have dumped 150.65m shares but no date shown

These figures are extracted from my thomson reuters eikon so they are legit