Thomas Cook collapses, leaving thousands of travelers stranded

[schumi]

The foreign secretary has insisted Thomas Cook passengers will not be stranded overseas if the company collapses into administration.

Dominic Raab's reassurances came as the embattled travel group met shareholders and creditors on Sunday in a final attempt to piece together a rescue deal.

The 178-year-old company has issued a last-gasp plea to its lenders to reduce a £200m funding demand as the travel agent was just hours from possible insolvency.

If the company collapses into administration it would trigger Britain's biggest-ever peacetime repatriation operation, as 165,000 holidaymakers will need to be flown back to the UK.

Speaking to the BBC, Mr Raab said: "We have got all the contingency planning to make sure no one will be stranded.

"I don't want to give all the details of it because it depends on the nature of how people are out there, whether they have got a package holiday or whether they just paid for the flights and sorted out something separately."

More at: https://news.sky.com/story/thomas-c...ave-me-in-life-threatening-situation-11816011

 

[Jopie Fourie]

Oooops......

 

[dunkyd]

Gone !

 

[Zoomzoom]

Thomas Cook has ceased trading, the Civil Aviation Authority says as it launches a programme to bring stranded customers home.

The news comes after the company failed to secure the extra £200m needed to keep it afloat after a day of crucial talks with creditors.


Around one million customers who had travel booked in coming months have been told not to go to the airport, as all bookings, including flights and holidays, have been cancelled.

Peter Fankhauser, the company's Thomas Cook, said the tour operator's collapse was a "matter of profound regret", apologising to those affected.

He said executives had "worked extensively" in an effort to rescue the 178-year-old travel company, adding: "Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.

Thomas Cook collapse: Repatriation to take two weeks

The Civil Aviation Authority launches the UK's biggest ever peacetime repatriation to bring more than 150,000 holidaymakers home.

news.sky.com

"Brexit is 'good' for the nation". RIiiiiiight!!

 

[NarrowBandFtw]

"Brexit is 'good' for the nation". RIiiiiiight!!

This has nothing to do with brexit, but IF it did it would be a massive win.

A 178 year old company that has failed to move with the times and has been in debt trouble for the past decade is well past its due date, whatever ultimately caused it to be put out to pasture is most definitely welcome.

 

[BBSA]

Capping a painful year, 178-year-old British tour operator Thomas Cook collapsed Sunday night, stranding hundreds of thousands of travelers.

The company said in a statement that its board "concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

"An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company," it said in the statement.

Peter Fankhauser, Thomas Cook's chief executive, apologized to customers, employees, suppliers and partners.

"This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," Fankhauser said.

The collapse of an iconic UK company is having ripple effects in Asia. Shares in Chinese firm Fosun Tourism dropped more than 5% in morning trade in Hong Kong.

Fosun Tourism's parent company Fosun International is one of China's biggest conglomerates. It owns all-inclusive holiday firm Club Med. Billionaire founder Guo Guangchang is Thomas Cook's largest stakeholder, according to data provider Refinitiv.

Thomas Cook collapses, leaving thousands of travelers stranded

Capping a painful year, 178-year-old British tour operator Thomas Cook collapsed Sunday night, stranding hundreds of thousands of travelers.

www.cnn.com

 

[Cray]

Phew, 178 years...

 

[Jopie Fourie]

This will be the eventual fate of all businesses around the world, no matter how big, small or rich or poor. People today do not have the required business skills people before them had. The way businesses are operating today is not sustainable and a global crisis are now in the making.

 

[wbot]

This will be the eventual fate of all businesses around the world

Bull

 

[Gordon_R]

Package tours may seem old fashioned in the age of Uber, but they did offer simplicity and security.

Repatriation of passengers will be a lengthy endeavour: https://www.bbc.com/news/business-49791249

The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect".

It has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home.

All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home "as close as possible" to their booked return date, the Department for Transport (DfT) has said.

Customers will be on special free flights or booked onto another scheduled airline at no extra cost.

The CAA is also contacting hotels accommodating Thomas Cook customers, who have booked as part of a package, to tell them that the cost of their accommodation will be covered by the government, through the Air Travel Trust Fund and Air Travel Organiser's Licence scheme (Atol).

Tim Johnson, policy director of the CAA, told BBC News it has chartered "more than 40" aircraft, which are already in position, to bring passengers home.

 

[ForceFate]

This will be the eventual fate of all businesses around the world, no matter how big, small or rich or poor. People today do not have the required business skills people before them had. The way businesses are operating today is not sustainable and a global crisis are now in the making.

Or competition wasn't as fierce as it is today.

 

[Polymathic]

Bull

All businesses eventually die or get eaten up.

 

[Magnum]

Bull

Brothels will always be viable.

 

[ISP cash cow]

Brothels will always be viable.

as long as they don't keep the same employees for that length of time, I am ok with that

 

[ForceFate]

as long as they don't keep the same employees for that length of time, I am ok with that

Some people are fine with it. Fetishes and all.

 

[Zoomzoom]

This has nothing to do with brexit, but IF it did it would be a massive win.

A 178 year old company that has failed to move with the times and has been in debt trouble for the past decade is well past its due date, whatever ultimately caused it to be put out to pasture is most definitely welcome.

do you like not read? Brexit and people's reluctance to travel in face of all the uncertainty has been mentioned more than once as a factor in its demise.

As for the rest ... just because it has been around for a long time does NOT make it bad or wrong or due to be got rid of!

 

[buka001]

The Thomas Cook travel agency shop was open for business on Saturday in the local mall, near where I live. I was quite surprised that it was.

I saw one old chap in there. I thought to myself, hope he is there cancelling his holiday.

I went on one Thomas Cook All Inclusive Holiday to Turkey. Vowed to never use them again.

 

[gregmcc]

There are currently 600,000 travelers on vacation around the world with Thomas Cook

Sheesh, this is not good! Thank goodness I did't book my holiday at the end of the year with Thomas Cook

 

[Spizz]

Happened to me in 1998 when I was putting up tents in Spain. The company we worked for collapsed and a few hundred of us were stranded. Me and my mate just bummed for a few more weeks before hitching it home to Scotland. Good times

 

[Mystic Twilight]

So someone explain why you would be stranded on holiday if you have already fully paid for the holiday itself? I would have assumed that if you managed to get to your destination and lived a few days there, then you already have 1) a valid return flight, and 2) valid remaining hotel accommodation. I assume they are just a travel operator/holiday organiser, or do they operate an airline and a hotel chain as well?