Thomas Cook CEO apologizes to his colleagues and customers after the world's oldest travel company went into liquidation. More:
LONDON - Hundreds of thousands of holidaymakers were stranded on Monday by the collapse of the world’s oldest travel firm Thomas Cook , sparking the largest peacetime repatriation effort in British history.
“I’m not going to pay for my holiday again,” Englishman David Midson told Reuters, trying to find information at the front desk of a hotel in Roda, Corfu. “I wish I had brought a driving license, because I can’t get a taxi .” The company had agreed a 900 million pound rescue package with its banks and largest shareholder, China’s Fosun , but lenders asked for an additional 200 million pounds to keep it operating through the winter.In desperate meetings over the weekend, it failed to secure more funds, with the British government also refusing a bailout, judging it was not a good long-term bet.
Thomas Cook’s German airline subsidiary, Condor, said there were 240,000 people booked on its flights awaiting a return home. Its flights are still operating for now, and it has asked the German government for a bridging loan. In Germany, insurance companies coordinate any repatriation.
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