Thomas Cook's moment of truth

All,

Business at the company has gone from bad to worse this summer and the fresh cash needed has kept rising, including an additional £200m requested earlier this month.

“Technicalities” around the CDS trigger have faded into the background as creditors have walked away from providing an additional £200m to be agreed this weekend. Dominic Raab has now twice hinted that he is not inclined to step in with government funding, although he has let a backdoor open and either way, he would be saying that at this moment.

Still, unless a solution can be found and both lenders and bondholders can unite behind a common position - including an extra £200m needed almost immediately - then Thomas Cook may slip into uncontrolled Administration by this evening.

Wolfgang