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Sat, Oct 19, 2019 | Last Updated 6:33 am IST

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Thomas Cook Company moves to compulsory liquidation with immediate effect

Thomas Cook Company moves to compulsory liquidation with immediate effect
Thomas Cook Company moves to compulsory liquidation with immediate effect
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Reportedly UK travel giant Thomas Cook has declared for bankruptcy after its last attempt to resuscitate its business fell flat. Meanwhile the 178 year old operator had been seeking $250 million from private investors to save it from collapse. Thomas Cook said in a statement "Despite considerable efforts, those discussions have not resulted in agreement between the company's stakeholders and proposed new money providers".

Thomas Cook Company moves to compulsory liquidation with immediate effect

Meanwhile the company said that its board has concluded that there's no other option but to proceed towards compulsory liquidation with immediate effect. Furthermore following the collapse of the travel company, the UK government hired planes to fly an estimated 150,000 holidaymakers back home free of charge. A statement mentioned "Following the collapse of Thomas Cook and the cancellation of all its flights, Transport Secretary Grant Shapps has announced that the government and UK Civil Aviation Authority has hired dozens of charter planes to fly customers home free of charge".



Moreover Thomas Cook chief executive Peter Fankhauser called it a "deeply sad day". Reportedly the firm was created in 1841 by cabinet maker Thomas Cook in order to carry temperance supporters by train between British cities and it soon began arranging foreign trips, being the first operator to take British travelers on escorted visits to Europe in 1855, to the united states in 1866 and on round the world trips in 1872.


Thomas Cook Company moves to compulsory liquidation with immediate effect
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