That was pretty much my take on it.
This isn’t bring used to block bond holders, bond holders will get a vote on the recapitalisation at a meeting next week.
This is being used to see if some hedge funds, who have taken out CDS on Thomas cook get paid or not. If they do they have said they will vote for the recapitalisation next week. If they don't get paid and they hold more than 25% of Thomas Cooks debt then they can use the threat of derailing the deal as leverage. Or just vote against the deal and the company goes down.
That was my understanding of the situation anyway.