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Insolvency ruling

On Monday (23 September), the Credit Derivatives Determinations Committee will meet to decide, for insurance purposes, whether Thomas Cook is technically insolvent.

If they decide it is, insurers will have to pay out and bondholders are more likely to back a deal next Friday. If the committee decides no payout is due, bondholders will get little to nothing in return, raising concerns about whether they will support the deal.

In recent days, the Thomas Cook Cares Twitter account has been inundated with enquiries from concerned customers seeking reassurances from the firm over their holidays.

Cook has responded by setting out its plans for recapitalisation, stressing the value of Atol protection, and stating the media speculation would have no impact on its operations.

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