The British company Thomas Cook officially declares bankruptcy. The oldest tour operator in the world has failed to find the funds necessary for its survival.
“Despite considerable efforts, discussions between the various stakeholders of the group and new sources of possible funding have not resulted in an agreement,” the company said in a statement.
Thomas Cook had to find a 330 million of funding to avoid bankruptcy, but to no avail. The company is now going into liquidation.
The tour operator must organize the repatriation of 600,000 tourists worldwide. This is the largest operation of its kind in the country since the Second World War.
The Civil Aviation Authority (CAA) said it will work with the government to repatriate some 150,000 British customers over the next two weeks.
Due to the magnitude of the situation, some disruptions are inevitable […] Thomas Cook has ceased operations and all flights are now canceled , added the CAA .
I would like to apologize to our millions of customers and our thousands of employees, suppliers and partners who have supported us for many years , “said Thomas Cook Executive Director Peter Fankhauser.
Thomas Cook had been doing business for nearly 180 years, the oldest airline on the planet. The company employed 21,000 employees, including 9,000 in the UK, and 19 million customers a year in 16 countries.
While the airman’s financial problems came with the advent of new online competition, the political uncertainty caused by Brexit also contributed to the Canadian tour operator’s debt of C $ 2.8 billion.
Marathon discussions were held throughout the weekend to try to save the company, but to no avail.
Randy Correy is a reporter focusing on emerging markets. Before joining PGM, he worked as a freelance journalist in and around Boston, having been published by over 30 outlets including NPR, The Huffington Post, Salon, Truth out and VICE.com.