Thomas Cook goes bust with tourists stranded worldwide
Thomas Cook, the world's oldest travel firm, has collapsed under a pile of debts, leaving hundreds of thousands of holidaymakers stranded around the globe and setting off the largest peacetime repatriation effort in British history.
The United Kingdom's Civil Aviation Authority (CAA) said Thomas Cook had now ceased trading and the regulator and government would work together to bring the more than 150,000 British customers home over the next two weeks. The firm now runs hotels, resorts and airlines for 19 million people a year in 16 countries. It currently has 600,000 customers abroad, forcing governments and insurance companies to coordinate a huge rescue operation.
Pictures posted on social media showed Thomas Cook planes being diverted away from the normal airport gates and being deserted as soon as they had landed. Chief Executive Officer Peter Fankhauser said on Monday that it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders.
The corporate collapse has the potential to spark chaotic scenes around the world, with holidaymakers stuck in hotels that have not been paid in locations as far afield as South America, Australia, and South Africa. In the longer term, it could also hit the economies of its biggest destinations, such as Spain and Turkey, leave fuel suppliers out of pocket and force the closure of its hundreds of travel agents across British high streets. The British government and the aviation regulator have drawn up a plan to use other airlines to bring Britons home.
https://www.aljazeera.com/ajimpact/uk-thomas-cook-bankrupt-thousands-tourists-stranded-190923013855750.html
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