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| UK airline & tour operator Thomas Cook goes bankrupt, leaving 600,000 travelers in limbo | |
| (32 minutes later) | |
| 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. | |
| 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. | “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. | |
| DETAILS TO FOLLOW | DETAILS TO FOLLOW |