May 17, 2019
Thomas Cook shares sink as equity branded worthless
Thomas Cook shares were branded worthless on Friday, triggering a collapse in the value of the UK's oldest travel business and raising concerns among customers travelling this summer to its holiday resorts around the world. Investors including Anchorage, TT International and Whitebox have emerged as among the biggest short sellers of Thomas Cook stock - in effect benefiting from bets on a fall in its share price. Fosun, the Chinese conglomerate that also owns almost a fifth of Thomas Cook's shares, has been touted by analysts as a potential source of rescue funds, but one person close to the company said it was not certain that Fosun could put more money into a foreign business given its own target for reducing debt. Thomas Cook on Thursday sought to assure investors that it had a number of "Credible bids" for its airline, which it put up for sale in February. Thomas Cook on Thursday would not confirm any bidders and said it would update the stock market "In due course".
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