UK travel giant Thomas Cook goes bankrupt, leaving 600,000 tourists in limbo

From: The Prophecies and Hadiths of Noble Drew Ali.
One day, every wheel of industry is going to stop, and when they start up again, it will be in the Asiatics favor.

Question? is this a one off or are we going to see industry grinding to a halt World-wide in the next few days and weeks., a 178-year-old British travel company and airline, declared bankruptcy early Monday morning local time in the UK, suspending operations and leaving hundreds of thousands of British stranded.

Published time: 23 Sep, 2019 01:39 Edited time: 23 Sep, 2019 02:30 Get short URL

UK travel giant Thomas Cook goes bankrupt, leaving 600,000 tourists in limbo

©  Reuters / Paul Hanna

The UK Civil Aviation Authority has announced that Thomas Cook Group, a major tour operator and airline, has ceased trading with immediate effect, with all flights and booked tours cancelled.

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.

All Thomas Cook bookings, including flights and holidays, have now been cancelled.

The UK’s civil aviation watchdog has pledged to help some 150,000 Brits currently abroad, but the fate of the remaining customers remains unclear. Meanwhile Foreign Secretary Dominic Raab reassured British travelers 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,” Chief Executive Peter Fankhauser said in a statement released early Monday morning.

Overburdened by a crippling $2.1 billion debt, one of the oldest and largest in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.

The collapsed travel giant has a history dating back to 1841. It had 22,000 employees serving 19 million customers per year, running hotels, flights and cruises across 16 countries.