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.
Are you sure your not confusing this with Chapter 11 bankruptcy protection?
All Chapter 15 does is say that this company is being restructured under different law in a different country and it protects Thomas cook from legal action in the US, saying all US investors have to take legal action in the UK. It defines the jurisdiction applicable to the restructuring. It’s got nothing to do with people being turned away at check in.
https://www.uscourts.gov/services-fo...kruptcy-basics