{"id":9745,"date":"2019-09-23T08:16:25","date_gmt":"2019-09-23T12:16:25","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=9745"},"modified":"2019-09-23T09:18:35","modified_gmt":"2019-09-23T13:18:35","slug":"thomas-cook-ceases-trading-leaving-thousands-stranded-abroad","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=9745","title":{"rendered":"Thomas Cook Ceases Trading Leaving Thousands Stranded Abroad"},"content":{"rendered":"

\"\"Travel giant Thomas Cook has ceased trading after failing to secure a last-ditch rescue deal, leaving an estimated 150,000 Britons abroad awaiting repatriation.<\/p>\n

The company was unable to secure the extra \u00a3200 million needed to keep the business afloat following a full day of crucial talks with the major shareholder and creditors on Sunday.<\/p>\n

Richard Moriarty, the chief executive of the UK Civil Aviation Authority (CAA), said the Government had asked his organisation to launch \u201cthe UK\u2019s largest ever peacetime repatriation\u201d.<\/p>\n

In a statement, the CAA said: \u201cThomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect.<\/p>\n

\u201cAll Thomas Cook bookings, including flights and holidays, have now been cancelled.\u201d<\/p>\n

Thomas Cook\u2019s chief executive Peter Fankhauser said his company had \u201cworked exhaustively\u201d to salvage a rescue package.<\/p>\n

\u201cAlthough a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable,\u201d he added.<\/p>\n

\u201cIt is a matter of profound regret to me and the rest of the board that we were not successful.<\/p>\n

\u201cI would like to apologize to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years.<\/p>\n

\u201cThis marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.\u201d<\/p>\n

British Prime Minister Boris Johnson has pledged to help holidaymakers stranded by the firm\u2019s closure, as he questioned whether bosses are not incentivised to prevent their business\u2019s demise.<\/p>\n

Mr Johnson told reporters on board the RAF Voyager travelling to New York for the United Nations General Assembly that his thoughts were with customers.<\/p>\n

He said: \u201cIt\u2019s a very difficult situation and obviously our thoughts are very much with the customers with Thomas Cook, the holiday makers, who may now face difficulties getting home.\u201d<\/p>\n

\u201cOne way or the other the state will have to step in quite rightly to help stranded holidaymakers.\u201d<\/p>\n

British Transport Secretary Grant Shapps said dozens of charter planes, from as far afield as Malaysia, had been hired to fly customers home free of charge and hundreds of people were working in call centers and at airports.<\/p>\n

Mr Shapps said: \u201cThomas Cook\u2019s collapse is very sad news for staff and holidaymakers.<\/p>\n

\u201cThe Government and UK CAA is working round the clock to help people.<\/p>\n

\u201cBut the task is enormous, the biggest peacetime repatriation in UK history. So there are bound to be problems and delays.<\/p>\n

\u201cPlease try to be understanding with the staff who are trying to assist in what is likely to be a very difficult time for them as well.\u201d<\/p>\n

The CAA\u2019s dedicated website for the firm\u2019s customers, thomascook.caa.co.uk<\/a>, crashed shortly after the announcement.<\/p>\n

The UK Department for Transport (DfT) said all customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date.<\/p>\n

Thomas Cook package holiday customers will also see the cost of their accommodation covered by the Government, through the Air Travel Trust Fund or Atol scheme, the DfT said.<\/p>\n

Unions representing Thomas Cook staff, of which there are 9,000 across the group in the UK, had previously urged the Government to intervene financially.<\/p>\n

A million customers will also lose their future bookings, although with most package holidays and some flights-only trips being protected by the Atol scheme, customers who have not yet left home will be given a refund or replacement holiday.<\/p>\n

For those on holiday, the scheme will make sure they can finish their holiday and return home.<\/p>\n

One of the world\u2019s oldest and largest travel companies, the firm had been trading for 178 years \u2013 having been established in 1841 by a cabinet maker who organised a day trip for temperance movement supporters.<\/p>\n

According to its website, as of this year the group employed 21,000 people in 16 countries, operated 105 aircraft and 200 own-brand hotels and resorts.<\/p>\n

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