Thomas Cook - termination of coverage

All,

We had been negative on the bonds early on and had not been fans of the business model, which has seen too much of its value added replicated by nimbler online competitors to cope with its vast capital commitments. But business has been even worse than anticipated this summer and the company’s outright collapse is a shame after all.

As is widely publicised, the company is now entering forced administration and will be liquidated. Clearly that solves the question on the CDS too.

Unless we receive requests for certain further work, we will terminate coverage of the name.

Wolfgang