There is no danger the company will cease trading as a result of the meeting of the Credit Derivatives Determinations Committee, but which way the committee votes will determine how Cook’s backers proceed over the next few weeks.
If they decide Cook is technically insolvent, insurers will have to pay out and bondholders are likely to back a deal next week when China’s Fosun will take a controlling stake.
However, if the committee decides no payout is due, bondholders will be left high and dry and may block Cook’s plan to borrow £900 million to secure its future.
Cook declined to comment ahead of the meeting.
UPDATE 2pm: The meeting has been postponed until Monday (23 September).
