The company said that its board has concluded that there's no other option but to proceed towards compulsory liquidation with immediate effect.
Thomas Cook Group Plc, the 178-year travel company that became one of the U.K.’s best-known brands, has collapsed under a pile of debt, leaving tens of thousands of British tourists stranded across Europe.
Thomas Cook employs 21,000 people and is the world's oldest travel company, founded in 1841
What happens now and why did it collapse?
Who is affected?
The firm ran hotels, resorts and airlines for 19 million travellers a year in 16 countries, generating revenue in 2018 of 9.6 billion pounds ($12 billion). It currently has 600,000 people abroad, including more than 150,000 British citizens.
Thomas Cook employs 21,000 people and is the world's oldest travel company, founded in 1841. The company has 1.7 billion pounds ($2.1 billion) of debt.
What is the advice to passengers?
"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.
What did the CEO say?
"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.
Why did it collapse?
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.
The request for an additional 200 million pounds torpedoed the rescue deal that had been months in the making.
Thomas Cook bosses met lenders and creditors in London on Sunday to try to thrash out a last-ditch deal to keep the company afloat. They failed.
SOURCE: Business standards
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