Around 600,000 people including 150,000 Brits have been left stranded after the collapse of Thomas Cook earlier today.
The holiday firm failed to secure another £200 million it needed to keep the business afloat sparking the biggest ever peacetime repatriation.
All future holidays with the company have also been cancelled, affecting the travel plans of one million people putting 9,000 jobs on the line.
The collapse was confirmed this morning by the UK Civil Aviation Authority (CAA) which said it had been asked to help bring people home.
Dozens of charter planes have been brought in from as far afield as Malaysia to assist with the mass airlift.
Only holidaymakers with return flights booked within the next two weeks, between Monday and Sunday October 6, will qualify for a free flight home, as close as possible to their original return date.
In a statement, the syndicate of Thomas Cook’s lenders said this morning: ‘Unfortunately, and notwithstanding the efforts of all stakeholders, the £1.1 billion funding requirement to adequately recapitalise Thomas Cook has ultimately proved too significant.
‘The Lenders providing finance facilities to the Group have been extremely supportive stakeholders, including through two periods of financial distress and have stood behind Thomas Cook over the past twelve months, a period where the Group saw cash outflows of about £1 billion, maintaining that position over the crucial and busy summer holiday period.’ ‘Obviously, the Lenders are deeply disappointed that it has not proved possible to rescue Thomas Cook.
In partnership with other stakeholders, the Lenders worked tirelessly to examine all options within the timeframe required.’ The CAA said in its statement: ‘Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect. ‘All Thomas Cook bookings, including flights and holidays, have now been cancelled.’
