As rescue talks fail, Thomas Cook ends trading

Following the collapse of recuse discussions aimed at saving the 178-year-old firm, Thomas Cook has ceased trading.

From today, all the organisations in the company, including Thomas Cook Airlines, will cease operations.

There will also be hundreds of retail stores closed.

A last-minute demand for up to £ 200 million in extra liquidity pushed the tour operator over the brink, despite agreement on a possible deal to save the company earlier this month.

Peter Fankhauser, Chief Executive Officer of Thomas Cook, commented: "In the past few days, we have worked exhaustively to resolve the outstanding problems in an agreement to secure the future of Thomas Cook for its employees, customers and suppliers." 

"Although an agreement was largely agreed, an additional facility requested in the last few days of negotiations presented a challenge which ultimately proved to be insurmountable."

The British government and the Civil Aviation Authority are working together to fly as many as 150,000 overseas customers back to the UK after the collapse.

About 16,000 holidaymakers are booked on Monday to come back.

On chartered flights, officials expect to bring at least 14,000 of them home.

In order to carry customers home, the government has chartered 45 jets and they will operate 64 routes today.

The fleet's size would briefly make it the UK's fifth largest airline.

Some aircraft have been supplied by operators, including easyJet and Virgin, with jets arriving from as far away as Malaysia.

Fankhauser added: "To me and the rest of the board, it is a matter of deep regret that we have not been successful."

I would like to apologize to our millions of clients and to the thousands of staff, suppliers and partners who have been helping us for many years.

Despite tremendous confusion over recent weeks, our teams have continued to put clients first, illustrating why Thomas Cook is one of the most successful travel brands.

"For the company that pioneered package holidays and made travel possible for millions of people around the globe, this marks a deeply sad day."

The failure places 22,000 jobs worldwide at risk, including 9,000 in the UK.

Image: Clive Marshall/PA Photos of Wire/PA

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