Thomas Cook , the world's oldest travel firm, collapsed on Monday, strandin...
), the world’s oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
“Due to the significant scale of the situation, some disruption is inevitable, but the Civil Aviation Authority will endeavor to get people home as close as possible to their planned dates,” it said. For those customers not flying from Britain, alternative arrangements will have to be found. In Germany, a popular customer market for Thomas Cook, insurance companies will coordinate the response.“Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website,” the Civil Aviation Authority said.
AlixPartners UK LLP or KPMG will be appointed as special managers for the different parts of the business.Hurt by high debt levels, online rivals and geopolitical uncertainty, Thomas Cook needed another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it receives less cash and must pay hotels for summer services.
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