Cluster of hedge funds set to profit from Thomas Cook failure
LONDON: The collapse of travel operator Thomas CookNSE -6.85 % is set to result in a bumper pay day for a clutch of hedge funds who bet the company’s share price would fall.
Around 600,000 holidaymakers have been left stranded abroad after last-minute talks over a financial rescue package faltered, bringing to an end the company’s 178-year history.
After struggling for months under a crippling debt burden and market-related hits to revenues, it had agreed a rescue package with China’s Fosun, only to see lenders demand the firm stump up more cash, forcing it into liquidation.
