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Thomas Cook files for US bankruptcy protection
[LONDON] Thomas Cook Group Plc has filed for Chapter 15 court protection in the US as part of a broader debt restructuring for the UK travel agent.
The company's Chapter 15 petition was filed in the Southern District of New York, court papers dated Sept 16 show. Law firm Latham & Watkins is representing the company, according to the documents.
Chapter 15 of US bankruptcy law shields foreign companies from lawsuits by US creditors while they reorganise in another country. The filing may also trigger the payout of default insurance on Thomas Cook debt.
The travel agent's creditors are set to vote on Sept 27 on a proposed schemes of arrangement, a UK court procedure that will allow Chinese investor Fosun Tourism Group to lead a planned rescue of the company.