Thomas Cook collapse to leave bondholders almost empty-handed

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Thomas Cook collapse to leave bondholders almost empty-handed

Thomas Cook
File photo dated 07/10/13 of a Thomas Cook travel shop in London, as their chief executive Harriet Green announced her surprise departure after two years in which she has overhauled the once-troubled company. | Jonathan Brady/PA Wire/Press Association Images

UK tour operator Thomas Cook’s default could come close to annihilating the bondholders’ positions, leaving them only with a few cents on the euro, the liquidation analysis shows. The 178-year-old company tried feverishly to secure a £1.1bn rescue package over the weekend but collapsed on Monday.

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