Thomas Cook Races to Secure Support for £900 Million Rescue Deal

Thomas Cook is set to seek to push back a crucial meeting of bondholders as it races to secure support for a proposed £900m rescue deal that would leave its majority shareholder Fosun and lenders in control of the 178-year-old holiday business, the Financial Times reported. The company is locked in a series of last-minute negotiations as it looks to finalise the terms of the restructuring agreement with Fosun, its lenders and bondholders. Any deal would need support from three-quarters of its bondholders. A group of hedge funds that have taken positions against the company’s debt using the credit-default swap market — using contracts that pay if a company is unable to repay its debt — could vote against the restructuring unless they get paid for their positions in the process. Read more