Thomas cook goes bankrupt, 1.5 lakh passenger stranded across the globe

The CEO of the company has stated that Thomas Cook has ceased trading, so all flights of Thomas Cook have now been cancelled.

London| Thomas Cook, one of the world’s largest travel companies, has collapsed. Having run successfully for almost 178 years, Thomas Cook was the oldest travel company in the world. The company had been struggling with a shortage of funds for a long time. Company’s chief executive Peter Fankhauser said it was a matter of regret that the company went out of business after failing to get a relief package from lenders. The company employs over 21,000 people. After the bankruptcy of the company, there is an employment crisis.

The UK’s Civil Aviation Authority (CAA) has said that Thomas Cook has now closed the business and the regulator and government will work together to bring more than 150,000 British customers back home over the next two weeks.

“I would like to apologize to our millions of customers, thousands of employees, suppliers and partners who have been with us for many years.”

the company’s chief executive issued a statement on Monday morning. He said that it is a matter of deep regret for me and the rest of the board that we did not succeed. The CAA has stated that Thomas Cook has ceased trading, so all flights of Thomas Cook have now been cancelled.

One of Britain’s oldest companies came to an end with Thomas Cook’s bankruptcy. Significantly, the company operated hotels, resorts and airlines for 19 million people a year in 16 countries. It currently has 6,00,000 people abroad, governments and insurance companies will be forced to undertake a massive rescue operation for them. Thomas Cook last month agreed to the key terms of a deal with China’s shareholder Fosun over a plan related to recapitalization. The size of the deal was $ 1.1 billion.