The British travel group, Thomas Cook on Monday declared bankruptcy after failing to reach a last minute rescue deal, triggering UK’s Biggest repatriation since World War 11 to bring back stranded passengers.
The 178-year-old British tour operator had desperately been seeking £200 million ($250 million) from private investors to save it from total collapse.
“Despite considerable efforts, those discussions have not resulted in agreement between the company’s stakeholders and proposed new money providers,” Thomas Cook said in a statement.
“The company’s board has therefore 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 added
Thomas Cook’s chief executive, Peter Fankhauser has apologized to customers, passengers, suppliers and partners saying: “I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years, this marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world”.