Originally Posted by
NormanDLandings
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
That as it may be, and if it is the case that yesterday's (17th) filing in New York is as part of that, investors will have a fair complaint against the company. Something I'm sure will be at the forefront of tomorrow's CDDC meeting.
I can't see it being favourable for Thomas Cook at that meeting. The Chapter 15 effectively blocks some of the bondholders from derailing the sale or re-organisation of the company by paying them out on the basis of the company being in default, thus triggering the CDDC meeting.
If the CDDC meeting gives a damning verdict on the company's position and liquidity (which it almost certainly will), it will turn out to be a very tough end of the week for the company on the European markets - if its shares aren't suspended from trading by then.