Thomas Cook goes bust, stranding 600K travellers around the world
- A Monitor Report1 Oct, 2019 | 401 Views|-+
London : Thomas Cook Group, one of the world's oldest travel companies, has entered compulsory liquidation 'effective immediately'. With all flights and tours cancelled, the collapse will affect several thousand travellers around the world.
It is estimated that at least 600,000 people all across the globe will be affected, forcing governments to coordinate with insurance companies and other airlines to help their citizens return home.
Meanwhile Foreign Secretary Dominic Raab reassured British travellers that "in the worst-case scenario, the contingency planning is there to avoid people being stranded."
"I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years," Peter Fankhauser, Chief Executive said in a statement.
Overburdened by a crippling USD2.1 billion debt, one of the oldest and largest in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.