UPDATE 1-Thomas Cook debt-holders scramble for protection against default [Reuters (UK)]
THOMAS COOK GROUP PLC (TCKGY)
NASDAQ:AMEX Investor Relations:
thomascookgroup.com/category/investor-relations
Company Research
Source: Reuters
Thomas Cook debt-holders scramble for protection against default | Reuters 3 Min Read LONDON (Reuters) - The cost of insuring debt issued by Thomas Cook ( TCG.L ) against default hit a record high and its bonds tumbled on Tuesday, as worries about the travel company’s borrowings deepened following its second profit warning in as many months last week. The world’s oldest tour operator said last week it was not in breach of its banking agreements, its lenders remained supportive and it had enough breathing space to handle the debt. The company, which employs more than 21,000 people, declined to comment on Tuesday. Last week, Thomas Cook cut its profit guidance and suspended its dividend, blaming a summer heatwave that swept northern Europe for deterring people from going on holiday. The company’s five-year credit default swap TCG5YEUAM=MG, reflecting the cost of protecting against a default on its debt, jumped 73 basis points from Monday’s close to 1,071 basis points, IHS Markit data
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