logo
Plus   Neg
Share
Email

Thomas Cook Files For U.S. Bankruptcy Protection: Bloomberg Reports

British travel company Thomas Cook Group Plc has filed for Chapter 15 court protection in the U.S. as part of a broader debt restructuring, Bloomberg reported citing court papers.

The troubled company filed the petition in the Southern District of New York, represented by law firm Latham & Watkins.

Bloomberg noted that Chapter 15 of U.S. bankruptcy law shields foreign companies from lawsuits by U.S. creditors as they reorganize in another country.

In a statement on Monday, Thomas Cook noted that the Scheme Meetings and the Schemes Sanction Hearing relating to its proposed recapitalisation will take place on September 27 and 30, respectively. It is part of the process to finalise the full commercial terms between Thomas Cook Group's creditors and stakeholders.

The company also said it continues to target implementation of the recapitalisation in early October.

The proposed scheme of arrangement would allow Chinese investor Fosun Tourism Group to lead a planned rescue of the company.

In London, Thomas Cook shares were trading at 4.50 pence, down 3.81 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Hongkong Sun Rise Trading Ltd. has recalled about 151,400 units of Kobalt Cordless Electric chainsaws and about 106,520 units of Kobalt Cordless Electric pole saws for possible laceration hazard, according to two separate statements issued by the U.S. Consumer Product Safety Commission. These include 1,400 chainsaws and 120 pole saws sold in Canada. Branded food company Hormel Foods Corp. (HRL) announced Friday that its Hormel Black Label Breakfast Food Truck will hit the road with free sample event of the popular brand's new Hormel Black Label Oven-Baked Egg Bites. The samples come in three variants - with Bacon, with Chorizo and with Bacon and... United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets.
Follow RTT