While the bankruptcy of British tour operator Thomas Cook has left hundreds of thousands of travelers stranded, a group of hedge funds are poised to make as much as $250 million from the company's collapse. Funds including Sona Asset Management and XAIA Investment owned derivative investments called credit default swaps, which pay investors when a company can no longer service its debt, Bloomberg said in a report.
While the bankruptcy of British tour operator Thomas Cook has left hundreds of thousands of travelers stranded, a group of hedge funds are poised to make as much as $250 million from the company's collapse. Funds including Sona Asset Management and XAIA Investment owned derivative investments called credit default swaps, which pay investors when a company can no longer service its debt, Bloomberg said in a report.
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