Tour company Thomas Cook collapses

Tour company Thomas Cook collapses, global bookings canceled.

Thomas-cookRenowned British tour operator Thomas Cook collapsed after failing to secure rescue funding, and travel bookings for its more than 600,000 global vacationers were canceled early Monday.

The British government said the return of the firm’s 150,000 British customers now abroad would be the largest repatriation in its peacetime history. The process is set to begin later Monday.
The Civil Aviation Authority said Thomas Cook has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs. The company had several months ago blamed a slowdown in bookings because of Brexit uncertainty as one of the contributing factors to its crushing debt burden.
The 178-year-old company had said Friday it was seeking 200 million pounds ($250 million) in emergency funds to avoid going bust, and was in weekend talks with shareholders and creditors to stave off failure. The prominent firm, whose airliners were a familiar sight in many parts of the world, also operated around 600 UK travel stores.

British tour operator Thomas Cook collapsed after failing to secure rescue funding, and travel bookings for its more than 600,000 global vacationers were canceled early Monday.

 

“Hundreds of thousands of holidaymakers affected by the collapse of Thomas Cook will be incredibly worried, especially if they are currently still on holiday and stranded abroad. The good news is that ATOL protection will mean they will be flown back home free of charge.

“Customers who have already paid and booked for an upcoming holiday with the collapsed travel operator should also be entitled to a refund as part of the scheme.”

The British government said the return of the firm’s 150,000 British customers now abroad would be the largest repatriation in its peacetime history. The process is set to begin later Monday.
The Civil Aviation Authority said Thomas Cook has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs. The company had several months ago blamed a slowdown in bookings because of Brexit uncertainty as one of the contributing factors to its crushing debt burden.
The 178-year-old company had said Friday it was seeking 200 million pounds ($250 million) in emergency funds to avoid going bust, and was in weekend talks with shareholders and creditors to stave off failure. The prominent firm, whose airliners were a familiar sight in many parts of the world, also operated around 600 UK travel stores.(Source:MSN)

The Official web site of Thomas Cook Displays the Following Message:

Thomas Cook UK Plc and associated UK entities have entered Compulsory Liquidation and are now under the control of the Official Receiver. The UK business has ceased trading with immediate effect and all future flights and holidays are cancelled. A dedicated support service is being provided by The Civil Aviation Authority to assist customers currently overseas and those in the UK with future bookings. Please visit: thomascook.caa.co.uk for further information.