Thomas Cook collapses and enters liquidation
Thomas Cook has ceased trading after talks failed to produce a funding lifeline for the ailing travel company.
Travel giant failed to reach a deal to save the struggling business
Stocks impacted: Thomas Cook Group (TCG)
The UK Civil Aviation Authority said the tour operator had ceased trading with immediate effect. The tour operator's failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK. Thomas Cook is the world's oldest travel company, founded in 1841. The company has £1.7 billion of debt. The British government has asked the UK Civil Aviation Authority to launch a repatriation programme over the next two weeks, to October 6, to bring Thomas Cook customers back to the UK. The firm said it had ceased trading and would enter administration as soon as the stock market opened. On Friday, the company’s shares plunged over 20%.
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