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Thomas Cook collapses: What next and why?

Customers are advised not travel to the airport as all flights has been cancelled.

23.9.2019

Customers are advised not travel to the airport as all flights has been cancelled. FMTNews

Customers are advised not travel to the airport as all flights has been cancelled.

The UK Civil Aviation Authority is launching a repatriation programme to bring Thomas Cook customers back to the UK. (AFP pic)

A fleet of aircraft will be used to repatriate British citizens. In a small number of destinations, alternative commercial flights will be used.

, where affected customers can find details and information on repatriation flights.

“Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website,” the Civil Aviation Authority said.

“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Thomas Cook CEO Peter Fankhauser said.

Thomas Cook said it had entered compulsory liquidation and an order had been granted to appoint an official receiver to liquidate the company.

Hurt by high debt levels, online rivals and geopolitical uncertainty, Thomas Cook needed another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it receives less cash and must pay hotels for summer services.

Under the original terms of the plan, Fosun – whose Chinese parent owns all-inclusive holiday firm Club Med – would give 450 million pounds ($552 million) of new money in return for at least 75% of the tour operator business and 25% of its airline.

Read more: Free Malaysia Today

Travel firm Thomas Cook collapses, stranding hundreds of thousands of travellersLONDON (Reuters): Thomas Cook, the world's oldest travel firm, collapsed on Monday (Sept 23), stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. jezlai see this is how it works. A company fails it fails. NoBailout i always thought Thomas Cook was a bank? don’t they used to issued Thomas Cook cheque?

British travel giant Thomas Cook declares bankruptcy | The Malaysian InsightThis triggers UK's biggest repatriation since WWII to bring back stranded passengers.

UK travel giant Thomas Cook set to collapseIts shareholder Chinese Fosun agrees to inject £450 million. FMTNews

Thomas Cook battles for survival with final creditor meetingThomas Cook has been fighting for its survival after lenders threatened back out of a rescue deal that has been months in the making. FMTNews

Thomas Cook has approached UK government for bailout fundsThomas Cook could leave hundreds of thousands of holidaymakers stranded if it fails to find funds. FMTNews

Travel giant Thomas Cook fails to find private funds to avert collapse | The Malaysian InsightTravel giant Thomas Cook fails to find private funds to avert collapse

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