Thomas Cook Group plc

Has a Bankruptcy Credit Event occurred with respect to Thomas Cook Group Plc?

The submitter of the DC Question noted that an application was made by the Reference Entity to the High Court for a compulsory liquidation of the Reference Entity on 23 September 2019:

Announcement from Reference Entity

Timeline

Event Determination Date: Note that Updated 2003 Transactions have an Event Determination Date of 17 September 2019 as a result of a Bankruptcy Credit Event under the Updated 2003 Definitions triggered by the Chapter 15 Petition. 2014 Transactions have an Event Determination Date of 20 September 2019 as a result of the Failure to Pay Credit Event.

See those DC Questions for information on the Auction.

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This Event
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Additional Information

Issue Number:

2019092301

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  DC Decision
  DC Meeting Statement
  10/18/2019 06:55pm EDT
- Ongoing
  
  Supplemental List
  Please note that the deadline for challenging a potential Deliverable Obligation on the Supplemental List is at 5:00 p.m. London time on Thursday 17 October 2019. Please contact the DC Secretary in accordance with the instructions below in relation to any challenges.
  Submission of Challenges
  10/14/2019 02:10pm EDT
- Ongoing
  
  EMEA DC Decision 11 October 2019
  Initial List
  Instructions for submission of potential Deliverable Obligations
  Please note that the deadline for submitting additional potential Deliverable Obligations to the DC Secretary for inclusion on the Supplemental List is at 5:00 p.m. London time on Monday 14 October 2019.
  10/11/2019 04:40pm EDT
- Ongoing
  
  EMEA DC Decision 24 September 2019
  EMEA DC Meeting Statement:
  Resolution to hold Auction
  The EMEA DC met today to discuss next steps in relation to settlement of 2014 Transactions and Updated 2003 Transactions with respect to which a Credit Event Resolution has occurred as a result of the compulsory liquidation of the Reference Entity. Such Credit Event Resolution applies to 2014 Transactions and Updated 2003 Transactions with a Scheduled Termination Date occurring on or after 23 September 2019. The DC resolved to hold an Auction to settle these contracts.
  The DC also resolved to hold an Auction to settle Updated 2003 Transactions to which a Credit Event Resolution had occurred as a result of the chapter 15 petition of the Reference Entity (issue number 2019091701). Such Credit Event Resolution applies to Updated 2003 Transactions with a Scheduled Termination Date occurring on or after 16 September 2019.
  The DC resolved to settle all 2014 Transactions and Updated 2003 Transactions with respect to which a Credit Event Resolution has occurred (i.e. under both issues) by reference to the same Auction, assuming the same Deliverable Obligations in respect of the 2014 Transactions and Updated 2003 Transactions. The DC will meet again in due course to further discuss settlement terms.
  Deliverable Obligations
  In the meantime, if any Eligible Market Participant would like to submit any potential Deliverable Obligations in respect of Thomas Cook Group plc, please can you send identifying information and relevant publicly available documentation to the DC Secretary at DCSecretary@cdsdeterminationscommittees.org. Please see DC Rule 3.3(b) for further information.
  Further DC Question under deliberation
  The DC also noted that issue number 2019091700, regarding a potential Failure to Pay in respect of the Reference Entity, remained under deliberation. The DC has made no determination yet in relation to this DC Question, and the DC agreed to meet again at 12.00pm London time on Friday 27 September 2019 to consider this DC Question further.
  9/24/2019 05:25pm EDT
- Ongoing
  
  EMEA DC Decision 23 September 2019
  23 September 2019 EMEA DC Meeting Statement:
  On 23 September 2019, Thomas Cook Group plc (the Reference Entity) announced that the Reference Entity’s "board has concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect." The same announcement stated that an application was made to the High Court for a compulsory liquidation of the Reference Entity before opening of business on 23 September 2019 and that an order has been granted to appoint the Official Receiver as the liquidator of the Reference Entity.
  The EMEA Determinations Committee therefore determined that a Bankruptcy Credit Event had occurred in relation to each of the 2014 Transactions and the Updated 2003 Transactions.
  The EMEA Determinations Committee notes that this Credit Event will only be applicable to Credit Derivative Transactions with a Scheduled Termination Date falling on or after 23 September 2019. Therefore, any Credit Derivative Transactions with a Scheduled Termination Date of, in particular, 20 September 2019 will not be within the scope of this determination.
  A separate determination has been made today in respect of the DC Question relating to the Chapter 15 filing (DC Issue number 2019091701). Please see here. The EMEA Determinations Committee also discussed the question of whether a Failure to Pay Credit Event has occured in relation to the Reference Entity (DC Issue number 2019091700) and will meet again to discuss this DC Question further.
  
  9/23/2019 07:10pm EDT
- Request Accepted by DC
  
  9/23/2019 11:35am EDT
- Pending DC Consent
  
  9/23/2019 10:55am EDT