Evergrande bankruptcy update: Per a filing in the Evergrande chapter 15 bankruptcy proceedings in New York, the recognition hearing (the key hearing in Evergrande's U.S. bankruptcy proceedings) has been pushed back from September 20, 2023 to October 25, 2023.

See below, extracted from the Notice of Adjournment filed on September 8, 2023 as Docket Number 17 in Evergrande's chapter 15 bankruptcy proceedings. https://cases.ra.kroll.com/evergrande/Home-DocketInfo Evergrande's chapter 15 bankruptcy proceedings are pending as case 23-11332 before the U.S. Bankruptcy Court for the Southern District of New York. Here is a link to the bankruptcy case administration site, where more information about Evergrande's chapter 15 bankruptcy proceedings is available. https://cases.ra.kroll.com/evergrande/Home-Index The information below is from Docket #17, filed this past Friday, September 8, 2023. ------------------------------- SIDLEY AUSTIN LLP Anthony Grossi Ameneh Bordi Juliana Hoffman* (admitted pro hac vice) 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: agrossi@sidley.com abordi@sidley.com jhoffman@sidley.com Counsel to the Foreign Representatives UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: China Evergrande Group, et al.,1 Debtors in Foreign Proceedings. Chapter 15 Case No. 23-11332 (MEW) (Jointly Administered) NOTICE OF ADJOURNMENT OF HEARING PLEASE TAKE NOTICE that the hearing (the “Hearing”) on the Motion for (I) Recognition of Foreign Main Proceedings, (II) Recognition of Foreign Representatives, and (III) Related Relief Under Chapter 15 of the Bankruptcy Code [Docket No. 5] (the “Motion”)2 filed by the authorized foreign representatives (the “Foreign Representatives”) on behalf of the respective Debtors in the above-captioned cases (these “Chapter 15 Cases”) and scheduled to take place on September 20, 2023, before the Honorable Michael E. Wiles of the United States Bankruptcy Court for the Southern District of New York, has been adjourned to October 25, 2023 at 11:00 a.m. (prevailing Eastern Time), to align with the timetable of the Foreign Proceedings, including the adjourned Scheme Meetings and Sanction Hearings (each as defined in the Motion), for the reasons set forth in Evergrande’s announcements attached hereto as Exhibit A. The Debtors and the Foreign Representatives consider that notwithstanding the adjournments, in light of the existing longstop date of December 15, 2023, the timetable of the proposed Restructuring remains in line with the Scheme Creditors’ expectations for implementation of the proposed Restructuring (each as defined in the Motion). PLEASE TAKE FURTHER NOTICE that parties wishing to appear at the Hearing, whether in a “live” or “listen only” capacity, must make an electronic appearance through the “eCourtAppearances” tab on the Court’s website no later than 4:00 p.m. (prevailing Eastern Time) the business day before the Hearing (the “Appearance Deadline”) and not by emailing or otherwise contacting the Court. Following the Appearance Deadline, the Court will circulate by email the Hearing’s Zoom link to those parties who have made an electronic appearance. Additional information regarding the Court’s Zoom and hearing procedures can be found on the Court’s website. PLEASE TAKE FURTHER NOTICE that the Hearing may be further adjourned from time to time without further notice other than an announcement in open court or a notice of adjournment filed with the Court. PLEASE TAKE FURTHER NOTICE that general information regarding the Schemes, including important dates and announcements, can be found at Evergrande’s website: 2 https://www.evergrande.com,3 and general information regarding these Chapter 15 Cases, including important dates and filings, can be found on the Debtors’ Chapter 15 Case website: https://cases.ra.kroll.com/evergrande. Dated: September 8, 2023 New York, New York SIDLEY AUSTIN LLP /s/ Anthony Grossi Anthony Grossi Ameneh Bordi Juliana Hoffman* (admitted pro hac vice) 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: agrossi@sidley.com abordi@sidley.com jhoffman@sidley.com Counsel to the Foreign Representatives *Admitted only in Texas 3 Pg 4 of 10 Exhibit A Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is not, and does not form any part of, an offer to buy or sell or the solicitation of an offer to buy or sell any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered, sold or otherwise transferred within the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, its management, as well as financial statements. The Company does not intend to make any public offering of securities in the United States. 中國恒大集團 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 3333) UPDATE ON SCHEME MEETINGS References are made to (i) the announcements of China Evergrande Group (the ‘‘Company’’) dated 20 March 2023, 22 March 2023, 3 April 2023 and 27 April 2023 in relation to, among other things, the Proposed Restructuring; and (ii) the announcements of the Company dated 17 July 2023, 26 July 2023, 31 July 2023 and 16 August 2023 in relation to, among other things, the convening hearings, notices of scheme meetings and notices of adjournment of scheme meetings in respect of the Schemes. Unless otherwise defined herein, terms used herein shall have the same meanings as used in the aforesaid announcements. Considering that: (i) the Company and the Information Agent have continued to receive multiple enquiries from the CEG Scheme Creditors in respect of the Proposed Restructuring, and that in a restructuring of this scale and complexity, it is crucial that all CEG Scheme Creditors understand the process of the Proposed Restructuring and the terms of the CEG Schemes, so as to maximise creditor engagement and support informed-decision making in respect of the Proposed Restructuring; (ii) trading in the shares of the Company on the Stock Exchange has resumed with effect from 9:00 a.m. on 28 August 2023, which represents a relevant new development for the CEG Scheme Creditors to take into account when considering the Proposed Restructuring and the CEG Schemes; and (iii) there have been numerous media reports which have wholly mischaracterised the restructuring recognition process under Chapter 15 of the United States Code, which the Company had clarified in its announcement dated 18 August 2023 to be a normal procedure for any major scheme of arrangement involving New York law governed debts, and was in fact expressly contemplated in the Schemes, the Company has 1 resolved to extend the time period for the CEG Scheme Creditors to consider, understand and evaluate the terms of the CEG Schemes, as well as to allow the CEG Scheme Creditors additional time to consider the recent developments of the Group (including the resumption of trading of shares of the Company and the proposed subscription by NWTN Inc. of new shares in China Evergrande New Energy Vehicle Group Limited, a subsidiary of the Company, as disclosed in the Company’s announcement dated 14 August 2023) and their implications for the CEG Scheme Creditors. As a result, the CEG Scheme Meetings will be adjourned for a period of 29 days. To align the timetable of the CEG Schemes, the SJ Scheme and the TJ Scheme so far as possible, the SJ Scheme Meeting and the TJ Scheme Meeting will be adjourned for a period of 28 days. The Company considers that notwithstanding the adjournment of the scheme meetings, in light of the existing longstop date of 15 December 2023, the timetable of the Proposed Restructuring remains in line with the scheme creditors’ expectations for implementation of the Proposed Restructuring. A. NOTICES OF ADJOURNMENT OF THE CEG SCHEME MEETINGS (a) Hong Kong CEG Scheme Meetings The Hong Kong CEG Class A Scheme Meeting will be adjourned to 26 September 2023 at 8:00 p.m. (Hong Kong time), the equivalent time being 7:00 a.m. (Cayman Islands time). The Hong Kong CEG Class C Scheme Meeting will be adjourned to 26 September 2023 at 9:30 p.m. (Hong Kong time), the equivalent time being 8:30 a.m. (Cayman Islands time) (or, if later, as soon as the Cayman Islands CEG Class A Scheme Meeting has concluded). The notice of adjournment of the Hong Kong CEG Scheme Meetings is set out in Annex 1 to this announcement. (b) Cayman Islands CEG Scheme Meetings The Cayman Islands CEG Class A Scheme Meeting will be adjourned to 26 September 2023 at 8:45 p.m. (Hong Kong time), the equivalent time being 7:45 a.m. (Cayman Islands time) (or, if later, as soon as the Hong Kong CEG Class A Scheme Meeting has concluded). The Cayman Islands CEG Class C Scheme Meeting will be adjourned to 26 September 2023 at 10:15 p.m. (Hong Kong time), the equivalent time being 9:15 a.m. (Cayman Islands time) (or, if later, as soon as the Hong Kong CEG Class C Scheme Meeting has concluded). The notice of adjournment of the Cayman Islands CEG Scheme Meetings is set out in Annex 2 to this announcement. B. NOTICE OF ADJOURNMENT OF THE SJ SCHEME MEETING The SJ Scheme Meeting will be adjourned to 25 September 2023 at 9:00 a.m (British Virgin Islands time), the equivalent time being 9:00 p.m. (Hong Kong time). 2 The notice of adjournment of the SJ Scheme Meeting is set out in Annex 3 to this announcement. C. NOTICE OF ADJOURNMENT OF THE TJ SCHEME MEETING The TJ Scheme Meeting will be adjourned to 25 September 2023 at 8:00 p.m. (Hong Kong time). The notice of adjournment of the TJ Scheme Meeting is set out in Annex 4 to this announcement. D. REQUEST FOR INFORMATION Documents and announcements related to the Schemes can be found on the Transaction Website: https://projects.morrowsodali.com/evergrande. The Information Agent can be contacted using the below details: Morrow Sodali Limited Transaction Website: https://projects.morrowsodali.com/evergrande Email: evergrande@investor.morrowsodali.com Attention: Debt Services Team Any requests for information can be directed to the Information Agent using the details above, or to the Company’s financial advisor: Houlihan Lokey (China) Limited Email: Evergrande@HL.com or to the AHG’s financial advisor: Moelis & Company Email: Project_Evergrande_Ext@moelis.com Holders of the Company’s securities and potential investors of the Company are reminded to exercise caution when dealing in the securities of the Company. By order of the Board China Evergrande Group Hui Ka Yan Chairman Hong Kong, 28 August 2023 As at the date of this announcement, the executive directors are Mr. Hui Ka Yan, Mr. Siu Shawn, Mr. Shi Junping, Mr. Liu Zhen and Mr. Qian Cheng, the non-executive director is Mr. Liang Senlin, and the independent non-executive directors are Mr. Chau Shing Yim, David, Mr. He Qi and Ms. Xie Hongxi. 3 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is not, and does not form any part of, an offer to buy or sell or the solicitation of an offer to buy or sell any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered, sold or otherwise transferred within the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, its management, as well as financial statements. The Company does not intend to make any public offering of securities in the United States. 中國恒大集團 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 3333) UPDATE ON SCHEME SANCTION HEARINGS References are made to (i) the announcements of China Evergrande Group (the ‘‘Company’’) dated 20 March 2023, 22 March 2023, 3 April 2023 and 27 April 2023 in relation to, among other things, the Proposed Restructuring; and (ii) the announcements of the Company dated 17 July 2023, 26 July 2023, 31 July 2023, 16 August 2023 and 28 August 2023 in relation to, among other things, the convening hearings, notices of scheme meetings and notices of adjournment of scheme meetings in respect of the Schemes. Unless otherwise defined herein, terms used herein shall have the same meanings as used in the aforesaid announcements. A. REVISED DATES OF SCHEME SANCTION HEARINGS In light of the adjournment of the scheme meetings in respect of the Schemes as disclosed in the Company’s announcement dated 28 August 2023, the Company hereby announces the revised dates of the scheme sanction hearings in respect of the Schemes as follows: 1. the scheme sanction hearing in respect of the Hong Kong CEG Scheme has been re-listed to take place at 10:00 a.m. (Hong Kong time) on 16 and 17 October 2023, the equivalent time being 9:00 p.m. (Cayman Islands time) on 15 and 16 October 2023; 1 2. the scheme sanction hearing in respect of the Cayman Islands CEG Scheme has been re-listed to take place at 10:00 a.m. (Cayman Islands time) on 5 October 2023, the equivalent time being 11:00 p.m. (Hong Kong time); 3. the scheme sanction hearing in respect of the SJ Scheme has been re-listed to take place at 10:00 a.m. (British Virgin Islands time) on 3 October 2023, the equivalent time being 10:00 p.m. (Hong Kong time); and 4. the scheme sanction hearing in respect of the TJ Scheme has been re-listed to take place at 10:00 a.m. (Hong Kong time) on 16 and 17 October 2023. Any scheme creditor is entitled (but not obliged) to attend the sanction hearing of the relevant Scheme through legal counsel, to support or oppose the approval and sanction of such Scheme. B. REQUEST FOR INFORMATION Documents and announcements related to the Schemes can be found on the Transaction Website: https://projects.morrowsodali.com/evergrande. Scheme creditors (other than blocked scheme creditors) requiring assistance should contact the Information Agent using the below details: Morrow Sodali Limited Transaction Website: https://projects.morrowsodali.com/evergrande Email: evergrande@investor.morrowsodali.com Attention: Debt Services Team Any requests for information can be directed to the Information Agent using the details above, or to the Company’s financial advisor: Houlihan Lokey (China) Limited Email: Evergrande@HL.com or to the AHG’s financial advisor: Moelis & Company Email: Project_Evergrande_Ext@moelis.com Blocked scheme creditors requiring assistance should contact: GLAS Specialist Services Limited Email: lm@glas.agency Attention: Liability Management Team 2 Holders of the Company’s securities and potential investors of the Company are reminded to exercise caution when dealing in the securities of the Company. By order of the Board China Evergrande Group Hui Ka Yan Chairman Hong Kong, 8 September 2023 As at the date of this announcement, the executive directors are Mr. Hui Ka Yan, Mr. Siu Shawn, Mr. Shi Junping, Mr. Liu Zhen and Mr. Qian Cheng, the non-executive director is Mr. Liang Senlin, and the independent non-executive directors are Mr. Chau Shing Yim, David, Mr. He Qi and Ms. Xie Hongxi. 3 --------- 1 The Debtors in these Chapter 15 Cases are (i) China Evergrande Group, incorporated in the Cayman Islands as an exempted company with limited liability with the registration number 170388, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong; (ii) Tianji Holding Limited, incorporated in Hong Kong as a limited liability company with the registration number 1339269, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong; and (iii) Scenery Journey Limited, incorporated in the British Virgin Islands (“BVI”) as a limited liability company with the company number 1970476, with its principal place of business located at 2nd Floor Water’s Edge Building, Wickham’s Cay II, Road Town, Tortola, BVI. 2 Capitalized terms used herein but not otherwise defined have the meaning ascribed to them in the Motion. 3 See https://www.evergrande.com/News/Industry for announcements regarding the adjourned Scheme Meetings.

A data security incident has been reported involving the personal information of bankruptcy claimants in the matters of BlockFi, FTX and Genesis. #crypto #bankruptcy

The following announcement appears under Case Background in the FTX Trading case administration website:

We were recently informed of a data security incident that has impacted certain information related to this bankruptcy case.  Additional information regarding this matter can be found at:

https://ftxquestions.kroll.com/

The ftxquestions link then contains the following information (as of August 28):

On August 25, 2023, Kroll announced a security incident involving the personal information of bankruptcy claimants in three matters involving cryptocurrency companies: https://www.kroll.com/en/about-us/news/security-incident

In connection with this incident, Kroll provided email notice to the FTX claimants whose personal information may have been involved in the incident.

In re: FTX Trading Ltd., et al., Case No. 22-11068
United States Bankruptcy Court for the District of Delaware

Kroll Restructuring Administration (“Kroll”), the claims agent in the bankruptcy, has learned that it experienced a cybersecurity incident that compromised personal data of certain claimants. Kroll promptly contained and remediated the incident, reported it to law enforcement and is investigating this matter. Kroll has advised the court and the FTX debtors of the incident. This website provides important information that can help protect you against potential misuse of this information. We encourage you to read this content carefully.

What happened?

On or about Saturday, August 19, 2023, an unauthorized third party gained control of a mobile phone number belonging to an employee of Kroll. As a result, the unauthorized party accessed files in Kroll’s cloud-based systems, including files that contained your name, address, email address, and the balance in your FTX account. When Kroll became aware of the incident, it acted quickly to secure the impacted Kroll account and launched an investigation. There is no evidence that the attacker accessed any other Kroll accounts or systems. Moreover, Kroll did not maintain passwords to FTX accounts. This attack on Kroll did not affect any FTX systems or FTX digital assets.

The attacker might use this information in a further scam, for example, by sending phishing emails to trick you into providing sensitive personal information or access to your personal accounts, including but not limited to, cryptocurrency accounts, wallets or other digital assets, wherever they may be held.

While no action is necessary as to your FTX account as a result of this incident, you can help maintain the security of your accounts and digital assets by remaining vigilant and taking certain steps, including the following:

• Never share your passwords, seed phrases, private keys, and other secret information with untrusted individuals, applications, websites or devices.

• Always verify information that you receive from any other website about the FTX bankruptcy case or your claim by visiting the website of the Claims Agent, Kroll Restructuring Administration LLC: https://restructuring.ra.kroll.com/FTX/ or contacting Kroll Restructuring Administration at FTXquestions@kroll.com.

The Court presiding over the FTX bankruptcy case (the United States Bankruptcy Court for the District of Delaware), Kroll, and FTX will never ask or require you to do any of the following in connection with the processing of bankruptcy claims or the distribution of FTX assets:

• Link a cryptocurrency wallet to a website or application

• Provide your seed phrase or private keys

• Download any software or use a particular wallet application

• Provide your password over email, text message, or over the phone

• Provide personal identifying information, such as your birthday or social security number, over email, social media or in any manner other than as described in a Court-approved process posted to Kroll Restructuring Administration’s case website or the Court’s docket

Please know that any distribution of FTX assets will only be at the time and in the manner established by the Court. Information about the Court’s orders can be found at the website of the Claims Agent, Kroll Restructuring Administration LLC: https://restructuring.ra.kroll.com/FTX/.

If you have any questions, receive suspicious communications, or wish to verify the authenticity of communications that are purported to be from individuals associated with the FTX bankruptcy case, please contact: FTXquestions@kroll.com.

CLICK HERE FOR GENERAL INFORMATION ABOUT IDENTITY THEFT PROTECTION

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In re FTX Trading - hearing on US estate/Bahamas estate issues now streaming on YouTube

Here is the link to the live stream of the hearing: https://www.deb.uscourts.gov/FTXLiveStream

I have posted the official court audio for prior FTX hearings to FTX/Alameda U.S. bankruptcy court hearing audio recordings, #crypto - YouTube.  

In re BlockFi Inc. April 19, 2023 bankruptcy court hearing audio recording, chapter 11 case number 22-19361

Here is a link to the publicly available hearing audio posted to the bankruptcy court docket: https://www.youtube.com/watch?v=zPVIlRX4U6w

In re Virgin Orbit Holdings, Inc. April 5, 2023 bankruptcy court hearing audio recording

Here is a link to the publicly available hearing audio posted to the bankruptcy court docket: https://youtu.be/Vl9w_1rXFyE

Bed Bath & Beyond email of Sunday morning to its customers with news the company has filed chapter 11 bankruptcy proceedings...

 ---------- Forwarded message ---------

From: Bed Bath & Beyond <BedBath&Beyond@email.bedbathandbeyond.com>
Date: Sun, Apr 23, 2023 at 7:49 AM
Subject: Important Update from Bed Bath & Beyond Inc.

To Our Valued Customers:

Earlier today, Bed Bath & Beyond Inc. filed for voluntary Chapter 11 protection.

We appreciate that our customers have trusted us through the most important milestones in their lives – from going to college, to getting married, to settling into a new home, to having a baby – and we wanted to reach out to you to explain what this means.

Our stores are open and serving customers. However, we have initiated a process to wind down operations.
What This Means for Our Customers

We wanted to make you aware that several of our programs and policies may be changing soon. As of today:

• We expect to process returns and exchanges in accordance with our usual policies until May 24, 2023, for items purchased prior to April 23, 2023

• We expect Gift Cards, Gift Certificates, and Loyalty Certificates will be accepted through May 8, 2023

• We will no longer accept coupons or Welcome Rewards+ discounts beginning April 26, 2023

• We expect all in-stock orders placed online both prior and after our bankruptcy filing to be fulfilled at this time
Registry
Your registry data is safe. You can still view your registry at this time. We expect to partner with an alternative platform where you will be able to transfer your data and complete your registry. We will provide details in the coming days.

We Are Here for You
For Frequently Asked Questions (FAQs) and additional information, please visit
https://restructuring.ra.kroll.com/bbby. Stakeholders with questions can email
BBBYInfo@ra.kroll.com or call at (833) 570-5355 or (646) 440-4806 if calling from outside the U.S. or Canada.

Thank you for your loyalty and support.

Bed Bath & Beyond | buybuy BABY

Thomas Cook Group plc Collapses

Thomas Cook Group plc Collapses

.

The Civil Aviation Authority (CAA) returned 150,000 passengers to the United Kingdom following the collapse of the world’s oldest travel firm1 Thomas Cook Group plc in September of 2019.2 This was part of an initiative called “Operation Matterhorn” through which the CAA undertook what is considered to be the largest peacetime repatriation effort in British history.3 The CAA reported that, during the first 13 days of Operation Matterhorn, 94% of holidaymakers arrived at home on the day of their original departure.4 Remaining passengers needed to make separate arrangements to return home. The British Broadcasting Channel (BBC) reported that people who were covered by the Air Travel Organiser’s License scheme (Atol) would have the cost of their travel packages refunded and that the majority of Thomas Cook holidays were packages that are Atol protected.5 As the turmoil was unfolding, British Airways announced they were among airlines supporting the CAA in its repatriation efforts: “We will help as much as we can in the coming days.”6 Virgin Atlantic, founded by Sir Richard Branson, reportedly helped as well.7 Passengers returning to other parts of the world were not as fortunate.8

Not all branches of Thomas Cook are out of business

The operations of many Thomas Cook branded companies were not affected by the collapse and their customers’ travel plans were not disrupted. For example, Hindu Business Line reported that Thomas Cook (India) Group was a different corporate entity as of August 2012 when it was acquired by a Canada based multinational investment company.9 And there were heart warming stories out of local papers about travel companies intervening by buying former Thomas Cook branches and offering all employees their positions back. Word from the cathedral city of Chichester in West Sussex in England was “[t]he manager of the recently reopened former Thomas Cook shop in Chichester has spoken of her relief when she found out her job had been saved.”10

Thomas Cook in the 19th and 20th centuries

British Newspaper The Daily Telegraph, aka The Telegraph, founded in 1855 by a contemporary of Thomas Cook, published a history that focused on the company’s history prior to acquisition by C&N Touristic, AG, a German travel group in 2001.11 The Telegraph interviewed Paul Smith, the company’s archivist, who had access to rare items such as a Thomas Cook brochure for the marketing of flights, printed around 1919 when Thomas Cook marketed pleasure flights.12

Long before the company was arranging flights, it was organizing travel by train and by boat. According to the Telegraph, Thomas Cook was born in the Derbyshire market town of Melbourne in 1808 and was a man of religious conviction. In 1841 he began organizing trips for his fellow supporters of the temperance movement, which promoted abstaining from drinking alcohol. The first trip Thomas Cook organized was by train, from Leicester to Loughborough. The Telegraph goes on to lament: “The brand has survived two world wars, the regimes of six British monarchs, the rise and fall of the soviet bloc, and numerous changes to how we live…. A reproduction of a Thomas Cook ‘circular note’ – an in-house version of the traveller’s cheque – recalls a move into currency transactions in 1874. A ‘Nile Season: 1896-97’ brochure salutes the rise of river cruising….”13 According to The Telegraph, the company was incorporated as Thos Cook & Son Ltd. in the twentieth century and then was nationalized after the Second World War started, becoming part of state-owned British Railways.14 It went back to being a private company after the war, reportedly becoming owned by Midland Bank in the 1970s before being sold in the 1990s to a German bank and charter airline.15

Thomas Cook in the new millennium

The debt piled onto Thomas Cook’s innovative enterprise by its management in the new millennium was of a magnitude sufficient to cause Thomas Cook to roll over in his grave. The Guardian reported on September 21, 2019, days before the company collapsed and went into compulsory liquidation proceedings:

Just three weeks ago, the tour operator looked to have secured a £900m rescue package – half provided by Chinese tourism business Fosum, the rest by a mixture of banks and hedge funds. The debt-for-equity swap would wipe out £1.7b of loans, allowing the company to make its interest payments during the barren winter, when less cash comes in because bookings are low.

Then, in what one person familiar with the talks described as a bolt from the blue, came a shock demand from its banks, state-owned RBS [the Royal Bank of Scotland] among them. Thomas Cook must find an extra £200m, they said, or the restructuring could not go ahead. The company sometimes credited with inventing modern tourism must, by this weekend, somehow cobble the money together if it is to survive.16

Unfortunately negotiations did not work out and, on September 23, 2019, Thomas Cook Group plc ceased trading with immediate effect and entered compulsory liquidation proceedings in the United Kingdom.17

Conclusion

In addition to stranding people who were traveling when the company went into compulsory liquidation, the collapse of Thomas Cook has reportedly led to 9,000 employees in the United Kingdom being put out of work.18 The public outcry precipitated an investigation of the audit of the company in 2018 by the Financial Reporting Council19 and Members of Parliament questioning management.20

1 British travel firm Thomas Cook collapses, stranding 600,000 people abroad, Reuters, September 22, 2019.

2 Thomas Cook: Final repatriation flights touch down, BBC News, October 7, 2019.

3 Id.

4 Id.

5 Id.

6 Francesca Street, Air crews ‘stranded’ after Thomas Cook collapse, CNN Travel, September 25, 2019.

7 Id.

8 Stacey Leasca, Tour Operator Thomas Cook Ceases Operations, Leaving 600,000 People Stranded, Travel and Leisure, September 23, 2019.

9 Why Thomas Cook (India) is not affected by Thomas Cook’s collapse, Hindu Business Line, September 23, 2019.

10 Sam Morton, Thomas Cook; Delight for staff after jobs at former Chichester branch are saved, Chichester Observer, October 29, 2019.

11 Chris Leadbeater, The history of Thomas Cook, from tours for teetotalers to boozy packages to Spain, The Telegraph, September 23, 2019.

12 Id. Cover art from the brochures is included in the article, adding a great visual component to the history it presents.

13 Id.

14 Id.

15 Id.

16 Bob Davies, Holiday nightmare: big debts and bad luck push Thomas Cook to the brink, The Guardian, September 21, 2019.

17 BBC News, Thomas Cook collapses as last-ditch rescue talks fail, September 23, 2019.

18 Bill Wilson, BBC News, Thomas Cook’s auditor EY to be investigated, October 1, 2019.

19 Id.

20 BBC News, Thomas Cook: Former bosses deny responsibility for collapse, October 23, 2019.