Thomas Cook Restructuring Model

All,

Please find our updated analysis of Thomas Cook here Also included is a new restructuring model where we are separating the operator from the airline and allocating recoveries. It allows playing through the still significant range of scenarios and their game theory. Please call the desk for a walk-through.

Despite the more attractive entry price of the bonds, we are still not making an investment at the current time, as outlined in the investment rationale.

Wolfgang