Too often, people use the word 'transform' when all they really mean is 'change'. But Thomas Cook’s recent £1.6bn ($2.46bn) recapitalisation, embracing a rights issue and share placing, a bond issue and the tricky renegotiation of a revolving credit facility, really does seem to have transformed its once dismal prospects.
“It is one of the most complex corporate recapitalisations we have seen in recent times,” says Sebastian Grigg, a vice-chairman of investment banking at Credit Suisse, which oversaw the plan.
