Thomas Cook Collapsed, Travelers Stranded

Thomas Cook, the world’s oldest travel firm, fell apart on Monday. As a result, it leaves stranding hundreds of thousands of holidaymakers around the world. And in British history, this became the most massive peacetime repatriation effort.

In addition to that, British Prime Minister Boris Johnson guaranteed to bring stranded British travelers home. And he disclosed that the government had declined a request from Thomas Cook for a bailout of around 150 million pounds or $187.1 million. The reason for the decline was because it would have set up a moral hazard.

Johnson stated, “It is a very difficult situation. And obviously, our thoughts are very much with the customers of Thomas Cook.”

He also said that holidaymakers might be experiencing difficulties, so they will look for a way to bring them home.

Aside from that, the liquidation marks the end of one of Britain’s oldest companies, which began in 1841. It runs rail excursions before it survived two world wars to pioneer package holidays and mass tourism.

Thomas Cook’s Services

Thomas Cook Group operates hotels, resorts, and airlines for 19 million consumers a year in 16 countries. Currently, it has 600,00 people abroad. And because of this, the governments and insurance companies, left with no choice, coordinated to the huge rescue operation.

According to Chief Executive Peter Fankhauser, It was a matter of profound regret that the firm had gone out of business. And this was after it failed to secure a rescue package from its lenders in frantic talks, which happened in the weekend.

Moreover, Thomas Cook stopped trading, the UK’s Civil Aviation Authority (CAA) explained. Also, for the next two weeks, the regulator and government prepared a fleet of planes to start bringing home the over 150,000 British customers.

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