Home / World / Thomas Cook collapses beaching tourists

Thomas Cook collapses beaching tourists



The 178-year-old operator had desperately seeking £ 200 million ($ 250 million, Sh25 billion) from private investors.

[Thecompany'sboardhasconcludedthatithasnochoicebuttotakestepstobreakintoliquidationwithimmediateeffect"1

9659005] The government said it had 150 million holidaymakers to the UK, in operation starting on Monday.

Advertisement

"Following the collapse of Thomas Cook and the Transportation Secretary Grant Shapps has announced that the Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge, "a separate statement said, describing it as the largest repatriation in time history.

Thomas Cook's chief executive Peter Fankhauser called it.

"Thomas Cook's chief executive Peter Fankhauser called it a "deeply sad day."

"This is a matter of profound regret to me and the rest of the board that we were not successful," he said.

The firm's creditors held a marathon meeting on Sunday to try and work out a deal, followed by a meeting of the board

The repatriation of 600,000 tourists, including around 150,000 seeking government help returning to the UK.

Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing some $ 60 million on hiring planes.

As the grounding of its plans, Thomas Cook has left 22,000 global employees – 9,000 of

Holidaymakers have been reportedly interviewed by AFP for a holiday in Tunisia

Chinese peer Fosun, which was already the largest shareholder in Thomas Cook, agreed to pay £ 450 million in the business as part of an initial £ 900 million rescue package. [19659005] In return, the Hong Kong-listed conglomerate acquired a 75 percent stake in Thomas Cook's tour operating division and 25 percent of its airline unit.

Thomas Cook in May revealed that first-half losses widened on a major write-down , caused in part by Brexit uncertainty that delayed summer holiday bookings.

Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities.

It soon began arranging foreign trips, being the first operator to take British travelers on escorted visits to Europe in 1855, to the United States in 1866 and on a round-the-world trip in 1872.

The company was also a pioneer in introducing "circular note" – products that would later become traveler's checks.


Source link