A minority of bond holders are out to protect their position and are adopting poker face. Fosun and the lending banks have already agreed a recapitalisation and want to own their respective shares of the tour operators and airlines. They are trying to negotiate a deal that can be approved by consensus.
Meanwhile, Thomas Cook have an administrator on standby in the event that the minority bond holders derail any deal. This is because the nuclear option is a “pre pack” administration.
My view, a bumpy two weeks ahead but Fosun and the lending banks will be in control either way. The CAA will be aware of all of this.