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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.

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