British travel firm Thomas Cook collapses
Thomas Cook
Thomas Cook , 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.
The firm runs hotels, resorts, airlines, and cruises for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation.
The UK's Civil Aviation Authority said Thomas Cook has now ceased trading and it would work with the government to bring the more than 150,000 British customers home over the next two weeks.
Hurt by high levels of debt, online competition and geopolitical uncertainty, Thomas Cook needed to find 200 Million Pounds (Rs. 17,76,26,00,000) on top of a 900 Million Pound package it had already agreed to see it through the winter months when it needs to pay hotels for their summer services.
More than 20,000 jobs are at risk.
The Transport Salaried Staffs Association, which represents Thomas Cook staff, had appealed to the government to step in with "real financial support".
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