Thomas Cook Group Collapses as Rescue Bid Falls Through

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Thomas Cook Group, including the UK tour operator, has entered into compulsory liquidation as of this morning (September 23) following the failure of talks with creditors and the government to provide support funds of GBP 200 million needed to keep the company afloat.

The United Kingdom Civil Aviation Authority (CAA) said that with all reservations, including flights and holidays now cancelled, the tour operator had “stopped trading with instant impact.”

In addition, the CAA has also launched the largest ever peace-time repatriation to bring home more than 150,000 British holidaymakers. The CAA has reportedly mobilized more than 40 airline aircraft, including British Airways and EasyJet, to bring customers back to the United Kingdom.

Peter Fankhauser, chief executive of Thomas Cook, said the crash of the tour operator was a “matter of deep regret,” apologizing to all concerned.
Despite the best efforts of managers to save the 178-year-old travel company, it was the extra facility that was requested in the remaining times of negotiations that posed a challenge that led to the upsetting result.

“It is a matter of deep regret for me and the rest of the board that we have not been successful,” Fankhauser said.

“I would like to apologize to our millions of customers and thousands of employees, suppliers, and partners who have supported us for many years.”

Thomas Cook recently launched Tradedoubler’s affiliate program, which was suspended following the announcement this morning.

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