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Bankrupt! Thomas Cook goes bust stranding 600K travelers around the world

Bankrupt! Thomas Cook goes bust stranding 600K travelers around the world

One of the world’s oldest travel firms, Thomas Cook Group, has entered compulsory liquidation effective immediatelly. With all flights and tours cancelled, the collapse will affect hundreds of thousands travelers around the world.

It is estimated that at least 600,000 people all across the globe will be affected, forcing governments to coordinate with insurance companies and other airlines to help their citizens return home.

The UK’s civil aviation watchdog has pledged to help some 150,000 Brits currently abroad, but the fate of the remaining customers remains unclear. Meanwhile Foreign Secretary Dominic Raab reassured British travelers that “in the worst-case scenario, the contingency planning is there to avoid people being stranded.”

“I would like to apologize to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Chief Executive Peter Fankhauser said in a statement released early Monday morning.

Overburdened by a crippling $2.1 billion debt, one of the oldest and largest in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.

The collapsed travel giant has a history dating back to 1841. It had nearly 22,000 employees serving 19 million customers per year, running hotels, flights and cruises across 16 countries.