Thoughts: Thomas Cook, Senvion

All,

- TCG: Thomas Cook’s competitor, TUI have announced the sale of a majority stake in Corsair. Corsair is a French airline based out of Orly airport - only flies long-haul, with 7 aircraft.  No financial details have been disclosed (code for not much!).
Reconfirms that Thomas Cook are following similar strategy to TUI - but are they behind the curve. We reaffirm our doubts over any large proceeds being used to repay TCG bond debt.
Note, Thomas Cook also announced the leasing of 4 additional aircraft for the summer months.  Mildly positive for the airline, as they must feel they have the demand to support the extra capacity. But more likely it has something to do with the 737s they have grounded. 
- Senvion: Anchorage, Elliot and DK are rumoured to have bought significant shares in Senvion’s bond. No advisors have been appointed so far however. We are due to sit with advisors ourselves. 

Wolfgang