Originally Posted by
diffident
Filing for bankruptcy protection is by no means a standard part of proceedings. The whole purpose of the filing in the US courts is to stop Thomas Cook's creditors over there from grounding its planes or turning its paying customers away from hotels that haven't been paid. It also stops the bondholders from calling in their positions.
It is only done by a company that is in not only dire straits, but simply does not have the cash on hand right at that moment of filing. It buys Thomas Cook a few days of continuing liquidity at best, but should such a filing be on the cards in Europe, its straight to the administrators without passing go or collecting 200.
If you read the 500+ page Explanatory Statement In Relation To Schemes Of Arrangement filing as to the timescales and process to be followed, it is always stated that this Chapter 15 filing would be done on the 16th