Roughly 600,000 travellers stranded around the world after British tour operator Thomas Cook declares bankruptcy (Updated)

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British tour operator Thomas Cook has ceased trading and all its hundreds of thousands of bookings canceled after the firm failed to secure rescue funding.

The Civil Aviation Authority announced the film’s collapse early Monday. More than 600,000 vacationers had booked through the company.

The travel company operates its own airline, with a fleet of nearly 50 medium and long-range jets, and owned several smaller airlines and subsidiaries, including German carrier Condor. Thomas Cook still had several flights in the air as of Sunday night, but was expected to cease operations once they landed at their destinations.

CAA said 150,000 are British customers now abroad who will have to be repatriated.

The group’s four airlines will be grounded and its 21,000 employees in 16 countries, including 9,000 in the UK, will be left unemployed.

The debt-laden company had said Friday it was seeking 200 million pounds ($250 million) to avoid going bust, was in talks with shareholders and creditors to stave off failure.

via AP / BI 

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