Thomas Cook seeks bankruptcy protection

The tour group based in the United Kingdom requested, This Monday, bankruptcy protection in a New York court. The measure is intended to prevent (to protect) actions of US creditors,

The news was disclosed by the media who report having seen the legal documents submitted by a law firm. Remember that chapter 15 the bankruptcy law (North American) protects international companies (tell if, non-US) actions of US creditors, while they reorganize their debts.

Information disclosed in the media reports that Thomas Cook has confirmed the existence of a meeting with a broad group of shareholders and creditors, in order to negotiate the rescue 1,1 mil milhões pounds.

The proposal on the table is that the Chinese group Folsun, holder 18% Thomas Cook Group, stay with 75% the tourism operation and business 25% the aviation business, in exchange for an injection of capital 450 milhões de libras. debt holders and banks (willing to evaluate loans to Thomas Cook, They agreed to invest the same amount, with the remaining business (25% the tourist operation and 75% Aviation of).

This is not the first time that the insolvency of ghost haunts the group. At the beginning of the year, more precisely in May, there was group Bankruptcy rumors, with actions to have a drop of more than 60%. Fall was a response to the presentation of results for the first fiscal half (ending March) and posted a loss (antes de impostos) in order 1,5 billion pounds and net debt 1,1 mil milhões pounds.