Tour operator Thomas Cook collapses; Liquidation to proceed soon

January 24, 2023 7:43 am12 commentsViews: 200

China-owned, United Kingdom giant Thomas Cook has collapsed and compulsory liquidation could proceed soon. The company has declared for bankruptcy following failed attempt seeking $250 million from private investors.

Tour operator Thomas Cook collapses; Liquidation to proceed soon

Releasing a statement the 178-year-old tour operator said, “Despite considerable efforts those discussions have not resulted in agreement between the company’s stakeholders and proposed new money providers.”

Transport Secretary Grant Shapps added in the statement that UK Civil Aviation Authority and the government have hired several charter planes to fly about 150,000 holidaymakers back home free of charge.

The company’s chief executive Peter Frankhauser said it is a deeply sad day and the board regret for not being successful.

Following failed marathon meeting of creditors to work out a deal on Sunday the company grounded all the planes and shut down travel agencies too, leaving 22,000 employees out of job globally.

Thomas Cook was founded in 1841 by cabinet maker Thomas Cook. In 1855 it became the first operator to carry British travelers to Europe and in 1866 to the United States. In 1872 Thomas Cook started round-the-world trips.

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