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Thomas Cook has collapsed, prompting the UK's biggest ever peacetime repatriation to bring tens of thousands of stranded customers home.
The programme is expected to last until Sunday 6 October and will rescue almost twice the number brought home after Monarch Airlines failed in 2017.
The debt-ridden company entered compulsory liquidation in the early hours of the morning after it failed to secure an extra £200m needed to keep it afloat after talks with creditors and the government.
Around one million customers who had travel booked in the coming months have been told not to go to the airport, as all bookings, including flights and holidays, have been cancelled.
Thomas Cook planes that were operating overnight have been grounded as they land at their destinations while 21,000 staff, including 9,000 people in the UK, are set to lose their jobs.
The prospect of finding new work in the sector is bleak as it battles stiff competition and consumer caution over Brexit.
Peter Fankhauser, Thomas Cook's chief executive, said the tour operator's demise was a "matter of profound regret", apologising to those affected.
He said executives had "worked extensively" in an effort to rescue the 178-year-old travel company, adding: "Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
"It is a matter of profound regret to me and the rest of the board that we were not successful.
"I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years."
The Civil Aviation Authority (CAA) has mobilised at least 40 aircraft from airlines including British Airways and easyJet to bring 150,000 Thomas Cook customers home.
Richard Moriarty, chief executive of the UK Civil Aviation Authority, said news of Thomas Cook's failure was "deeply saddening".
He added: "The government has asked us to support Thomas Cook customers on what is the UK's largest ever peacetime repatriation.
"We have launched, at very short notice, what is effectively one of the UK's largest airlines, involving a fleet of aircraft secured from around the world.
"The nature and scale of the operation means that unfortunately some disruption will be inevitable. We ask customers to bear with us as we work around the clock to bring them home."
The CAA's policy director Tim Johnson told Sky News: "We expect to run around 1000 flights from the 55 destinations that Thomas Cook served.
"This is a huge effort, were working very closely with the government and Foreign Office in particular...But we're particularly appreciative and grateful for the support of a number of Thomas Cook employees who have clearly received this very sad news but they're going to be working with us over the coming few weeks to really help us manage this repatriation exercise."
Transport Secretary Grant Shapps said the company's collapse was "very sad news for staff and holidaymakers" and that the government and CAA were "working round the clock to help people".
Business Secretary Andrea Leadsom said she would write to the Insolvency Service to ask them to "fast-track" their investigation into the circumstances surrounding Thomas Cook going into liquidation.
Thomas Cook had been one of the world's oldest and largest travel companies, established in 1841 by a cabinet maker who organised a day trip for temperance movement supporters.
According to its website, the group employed 21,000 people in 16 countries operating 105 aircraft and 200 own-brand hotels and resorts. It had 550 stores in the UK - many of them loss-making.
It was hit hard by online competition, a changing travel market, terrorist attacks in destinations such as Tunisia and last year's European heatwaves. People postponing holidays due to Brexit uncertainty and higher fuel costs also weighed heavily on the company.
Thomas Cook had a rescue deal in place with investors but faced a last-minute demand from its lenders that it have more funds on standby to see it through the tougher winter months.
PM Boris Johnson told Sky News that a government bailout would have created a "moral hazard" by encouraging other companies to take unnecessary risks.
One investor, Fosun Tourism Group, the owner of Club Med, had committed £450m to Thomas Cook under the plan to save the business.
It said in a statement: "Fosun is disappointed that Thomas Cook Group has not been able to find a viable solution for its proposed recapitalisation with other affiliates, core lending banks, senior noteholders and additional involved parties.
"Fosun confirms that its position remained unchanged throughout the process, but unfortunately other factors have changed.
"We extend our deepest sympathy to all those affected by this outcome."
The programme is expected to last until Sunday 6 October and will rescue almost twice the number brought home after Monarch Airlines failed in 2017.
The debt-ridden company entered compulsory liquidation in the early hours of the morning after it failed to secure an extra £200m needed to keep it afloat after talks with creditors and the government.
Around one million customers who had travel booked in the coming months have been told not to go to the airport, as all bookings, including flights and holidays, have been cancelled.
Thomas Cook planes that were operating overnight have been grounded as they land at their destinations while 21,000 staff, including 9,000 people in the UK, are set to lose their jobs.
The prospect of finding new work in the sector is bleak as it battles stiff competition and consumer caution over Brexit.
Peter Fankhauser, Thomas Cook's chief executive, said the tour operator's demise was a "matter of profound regret", apologising to those affected.
He said executives had "worked extensively" in an effort to rescue the 178-year-old travel company, adding: "Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
"It is a matter of profound regret to me and the rest of the board that we were not successful.
"I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years."
The Civil Aviation Authority (CAA) has mobilised at least 40 aircraft from airlines including British Airways and easyJet to bring 150,000 Thomas Cook customers home.
Richard Moriarty, chief executive of the UK Civil Aviation Authority, said news of Thomas Cook's failure was "deeply saddening".
He added: "The government has asked us to support Thomas Cook customers on what is the UK's largest ever peacetime repatriation.
"We have launched, at very short notice, what is effectively one of the UK's largest airlines, involving a fleet of aircraft secured from around the world.
"The nature and scale of the operation means that unfortunately some disruption will be inevitable. We ask customers to bear with us as we work around the clock to bring them home."
The CAA's policy director Tim Johnson told Sky News: "We expect to run around 1000 flights from the 55 destinations that Thomas Cook served.
"This is a huge effort, were working very closely with the government and Foreign Office in particular...But we're particularly appreciative and grateful for the support of a number of Thomas Cook employees who have clearly received this very sad news but they're going to be working with us over the coming few weeks to really help us manage this repatriation exercise."
Transport Secretary Grant Shapps said the company's collapse was "very sad news for staff and holidaymakers" and that the government and CAA were "working round the clock to help people".
Business Secretary Andrea Leadsom said she would write to the Insolvency Service to ask them to "fast-track" their investigation into the circumstances surrounding Thomas Cook going into liquidation.
Thomas Cook had been one of the world's oldest and largest travel companies, established in 1841 by a cabinet maker who organised a day trip for temperance movement supporters.
According to its website, the group employed 21,000 people in 16 countries operating 105 aircraft and 200 own-brand hotels and resorts. It had 550 stores in the UK - many of them loss-making.
It was hit hard by online competition, a changing travel market, terrorist attacks in destinations such as Tunisia and last year's European heatwaves. People postponing holidays due to Brexit uncertainty and higher fuel costs also weighed heavily on the company.
Thomas Cook had a rescue deal in place with investors but faced a last-minute demand from its lenders that it have more funds on standby to see it through the tougher winter months.
PM Boris Johnson told Sky News that a government bailout would have created a "moral hazard" by encouraging other companies to take unnecessary risks.
One investor, Fosun Tourism Group, the owner of Club Med, had committed £450m to Thomas Cook under the plan to save the business.
It said in a statement: "Fosun is disappointed that Thomas Cook Group has not been able to find a viable solution for its proposed recapitalisation with other affiliates, core lending banks, senior noteholders and additional involved parties.
"Fosun confirms that its position remained unchanged throughout the process, but unfortunately other factors have changed.
"We extend our deepest sympathy to all those affected by this outcome."
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No great surprise that it has finally happened, but a tragedy for normal employees and all of the individual holidaymakers caught up in the mess.
Another household name bites the dust.
Another household name bites the dust.
Peter Fankhauser is the Swiss businessman, who was the Chief Executive Officer (CEO) of the Thomas Cook Group from 2014 until its collapse in 2019.
His total remuneration for the financial years ended 30 September 2017 and 2018, as reported in the annual accounts of Thomas Cook, was £1.8M (2017) and £1.0M.
This comprised of four elements: Salary, benefits, bonus, and pension plan contribution.
For 2017 these were £711k, £76k, £837k, and £213k.
For 2018 these were £725k, £82k, £0, and £217k.
I am sure that all employees will be pleased to learn that Peter didn't receive any bonus payments for 2018.
His total remuneration for the financial years ended 30 September 2017 and 2018, as reported in the annual accounts of Thomas Cook, was £1.8M (2017) and £1.0M.
This comprised of four elements: Salary, benefits, bonus, and pension plan contribution.
For 2017 these were £711k, £76k, £837k, and £213k.
For 2018 these were £725k, £82k, £0, and £217k.
I am sure that all employees will be pleased to learn that Peter didn't receive any bonus payments for 2018.
And here we go again with the scandal of goodwill.
A staggering £2.6 billion of goodwill on the balance sheet as at 30 September 2018.
Current value of this intangible asset is zero.
Ernst and Young are the firm of accountants who signed off on the £2.6 billion valuation, stating that it represented a true and fair view.
Really.
They pocketed £3 million for their services in the 2017 financial year, plus a further £4 million for the 2018 financial year.
Carillion was bad enough, their goodwill was £1.6 billion when they went down the tubes.
Absolutely shocking that a firm who have been widely reported as being in a distressed financial position for several years manage to top this with £2.6 billion.
A staggering £2.6 billion of goodwill on the balance sheet as at 30 September 2018.
Current value of this intangible asset is zero.
Ernst and Young are the firm of accountants who signed off on the £2.6 billion valuation, stating that it represented a true and fair view.
Really.
They pocketed £3 million for their services in the 2017 financial year, plus a further £4 million for the 2018 financial year.
Carillion was bad enough, their goodwill was £1.6 billion when they went down the tubes.
Absolutely shocking that a firm who have been widely reported as being in a distressed financial position for several years manage to top this with £2.6 billion.
Great news for the climate
But the media are not interested in that today, they need to sell it as an end of days scenario and therefor the climate can fack off
But the media are not interested in that today, they need to sell it as an end of days scenario and therefor the climate can fack off
I believe that the EU has to foot the bill for repatriating the stranded . 
Angoose is obviously a GOODWILL
ambassador
I haven't looked at the accounts BUT
Aircraft slots that the company own in this country are
over 300 and could be worth £5 million EACH
You also have overseas slots as well
I think the major reason the company failed was the high interest charges of over £billion pounds in recent years
Compounded by customers making their own internet transactions
ambassador
I haven't looked at the accounts BUT
Aircraft slots that the company own in this country are
over 300 and could be worth £5 million EACH
You also have overseas slots as well
I think the major reason the company failed was the high interest charges of over £billion pounds in recent years
Compounded by customers making their own internet transactions
I think the major reason the company failed was the high interest charges of over £billion pounds in recent years
Compounded by customers making their own internet transactions
But isn't the above (looking into the future and taking steps to ensure continuity) a large part of what CEO's are paid to do?
Compounded by customers making their own internet transactions
But isn't the above (looking into the future and taking steps to ensure continuity) a large part of what CEO's are paid to do?
media were quoting 650 million last week to get people home, now government saying less than 200 million,conicidently less than the 250 mill Thomas cook were seeking, ,
will be keeping an eye on the eventual bill to get everyone home
,will be keeping an eye on the eventual bill to get everyone home
200m
And yet the tax payer is going to end up footing the bill to get them all home for 250m
Makes perfect business sense, its the reason we are top dogs in economics
And yet the tax payer is going to end up footing the bill to get them all home for 250m
Makes perfect business sense, its the reason we are top dogs in economics
650 million last week to get them home now down to a 100 million,be nowt by the end of the day, .
160,000 all around the world that means an average of 6 quid a flight tkt, makes Ryanair look like britiush airways
.160,000 all around the world that means an average of 6 quid a flight tkt, makes Ryanair look like britiush airways
Its all funny paper anyway 1TP
Might as well deal with monopoly money in this day an age
Might as well deal with monopoly money in this day an age
6 x 160,000 = 960,000. Even cheaper than you thought.
Seems strange to me that they're not allowed to use their planes to bring people home.
Charlie
They can, when they booked the holiday the planes were taken care off in the package, the media wont mention this though because it doesn't fit their sensationalism agenda. Only the booking firm AKA Thomas Cook has gone bust not the plane companies
"Thomas Cook customers begin flying home" < BBC
And on that note their live stream online has ended and they will now no doubt move on to their next bs click bait story
They can, when they booked the holiday the planes were taken care off in the package, the media wont mention this though because it doesn't fit their sensationalism agenda. Only the booking firm AKA Thomas Cook has gone bust not the plane companies
"Thomas Cook customers begin flying home" < BBC
And on that note their live stream online has ended and they will now no doubt move on to their next bs click bait story
I see no evidence that their planes can fly anybody anywhere maybe with the exception of:
For now, Thomas Cook's Indian, Chinese, German and Nordic subsidiaries will continue to trade as normal.
This is because, from a legal standpoint, they are considered separate to the UK parent company and are not under the jurisdiction of the UK's Official Receiver.
For now, Thomas Cook's Indian, Chinese, German and Nordic subsidiaries will continue to trade as normal.
This is because, from a legal standpoint, they are considered separate to the UK parent company and are not under the jurisdiction of the UK's Official Receiver.
Saudi Arabias oil fields get bombed and yet are back up and running the same facking day
All of it is one big massive click bait for views, to take the markets in a certain direction etc
There's no war with Iran coming
How can you go from the queen is a liar, to oil fields getting bombed resulting in possible war with a superpower, to some bs holiday booking firm going bust all in 6 days?
One story to the next to distract
All of it is one big massive click bait for views, to take the markets in a certain direction etc
There's no war with Iran coming
How can you go from the queen is a liar, to oil fields getting bombed resulting in possible war with a superpower, to some bs holiday booking firm going bust all in 6 days?
One story to the next to distract
Treason, to World War X, to holiday booking firm that's been in decline for years going busto
Pathetic people are still falling for the media's sensationalism at this point
Pathetic people are still falling for the media's sensationalism at this point
The queen wont see a court room much less a prison cell
Iran will continue to sabre rattle and not one bomb will ever be dropped
And some new holiday (online version) will take Thomas Cooks place
All the while the fruit loops waiting for the world to burn will continue to be majorly disappointed
Its all distractions to stop you from finally waking up and actually doing something to stop them
Iran will continue to sabre rattle and not one bomb will ever be dropped
And some new holiday (online version) will take Thomas Cooks place
All the while the fruit loops waiting for the world to burn will continue to be majorly disappointed
Its all distractions to stop you from finally waking up and actually doing something to stop them
Have you taken too many drugs or forgot to take them?
https://edition.cnn.com/2019/09/23/business/thomas-cook-collapse/index.html
There it is
"brexit" is to blame
So predictable
There it is
"brexit" is to blame
So predictable
debts of 1.8 billion how do they get away with it
high interest charges
?
given we have had 10 years of zero rates, if this is true then management are muppets
?
given we have had 10 years of zero rates, if this is true then management are muppets
Debts meaning they pocketed the facking lot and did a runner
Destroying your historic companies for profit and then blaming it on a piece of paper (EU) they tricked you into signing up to back in the 70s ffs
A truly bunch of spiteful little ba*tards
Destroying your historic companies for profit and then blaming it on a piece of paper (EU) they tricked you into signing up to back in the 70s ffs
A truly bunch of spiteful little ba*tards
Of course BREXIT is a big factor in the collapse. You'd have to be totally ignorant to think otherwise, which let's face it is a whole load of people
why the f@ck are taxpayers on the hook? to pay for something these mugs should have insurance for? wtf?
Easy to be wise after the event. Plenty of after timing analysts saying the company should have done this and that, massaging their self important egos whilst probably doing next to nothing constructive themselves.
Where's the money gone ?
How do you lose 1.2 Billion quids
How do you lose 1.2 Billion quids
If you turnover is £10 bn a year and it falls 20% that's £2bn
Sep 23, 2019 -- 5:21PM, Charlie wrote:
I see no evidence that their planes can fly anybody anywhere maybe with the exception of: For now, Thomas Cook's Indian, Chinese, German and Nordic subsidiaries will continue to trade as normal.This is because, from a legal standpoint, they are considered separate to the UK parent company and are not under the jurisdiction of the UK's Official Receiver.
Was having a bit of a scratch around the tinternet and appears as you say some of the groups subsidiaries under diff law and jurisdictions have continued for the time being .But what I have gleaned is the term “wet leased” is being used regards most of big Tams planes ,is the diff between owing a car say and having one driven/fueled/insured/taxed by another ,in effect a taxi .So what happened last night was big Tams planes call signs (flight log numbers)were replaced with the leasing company’s with many flights keeping the time slots or slight changes .Is that what the CAA are calling biggest repatriation since ww2 i am not sure ,don’t like the analogy tbh .Martin Lewis bizarrely iadvising people who have booked flights still to travel to go buy travel insurance ....funny old world innit.
It is very sad another major British company failing, it benefits nobody in this country.
Thomas Cook's accounts are even worse than my own betting account lately, that is bad!
Thomas Cook's accounts are even worse than my own betting account lately, that is bad!
So where is all the cheap hodidays ,brush down me flip flop and iron me she’ll suit ,and am ready for sun sea diarrhoea and a dose of the clap .two cenny should cover it imo
Falling demand and higher costs are obvious. Beyond that it's speculation. Possibly didn't anticipate it early enough and/or hadn't the expertise to be more flexible with it's product offering.
TC may have it's HQ here but it's hardly British. 52% owned by German company Arcandor.
Late August it seemed to be almost entirely sold to the Chinese company Fosun International.
Late August it seemed to be almost entirely sold to the Chinese company Fosun International.
Im abroad with them (T Cook) at mo ..
We’ve Just been told that we will be heading for airport later in week
at the booking time that was set .. and flying out on time ..
so thats good ..
The big shame are the 9,000 people who are losing their jobs,
after doing more than was asked of them , let down by the new
German Owners in my opinion .. as they were making the decisions
that put a 178 year old company against the wall !!
We’ve Just been told that we will be heading for airport later in week
at the booking time that was set .. and flying out on time ..
so thats good ..
The big shame are the 9,000 people who are losing their jobs,
after doing more than was asked of them , let down by the new
German Owners in my opinion .. as they were making the decisions
that put a 178 year old company against the wall !!
Man Utd and Liverpool are owned by Americans, Chelsea by a Russian and Man City by Saudis/UAE (delete where approp) It doesn't make them not English footie teams
Glad you can get home scissors!
The hundreds of thousands of TC punters will now use other tour operators in the future. Hopefully that leads to job opportunities as other companies take up the new customers.
The hundreds of thousands of TC punters will now use other tour operators in the future. Hopefully that leads to job opportunities as other companies take up the new customers.
Clyde - you'll be saying Scottish Power is Scottish then?!
Meanwhile ,as hedge funds make millions destroying a long standing travel company costing 12,000 jobs, we have the wife of another hedge fund millionaire trying to destroy our democracy using expensive barristers and the media.
So a company and its employees that has paid into the system for 187 years gets nothing in return.
I don't know the ins and outs of it and frankly I don't really care but if, at the time of collapse, the company had 150,000 customers then there must be some almighty cöck-up/s somewhere along the line.
The Government couldn't save them but they find money for war in a heatbeat
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