Thomas Cook has collapsed, which has prompted the UK’s biggest ever peacetime repatriation to bring 150,000 stranded customers home. The programme, named Operation Matterhorn, is expected to last until Sunday 6 October and will rescue almost twice the number brought home after Monarch Airlines failed in 2017 at an estimated cost of £100m.
The debt-ridden company entered compulsory liquidation in the early hours of the morning after it failed to secure an extra £200m needed to keep it afloat following talks with creditors and the government. Around one million customers who had travel booked in the coming months have been told not to go to the airport, as all bookings, including flights and holidays, have been cancelled.
The UK Civil Aviation Authority tweeted: Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect. All #ThomasCook bookings, including flights and holidays, have now been cancelled. Visit: http://thomascook.caa.co.uk
Peter Fankhauser, Chief Executive of Thomas Cook commented:
“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
“It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.
“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation. This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”
Source: Sky News
