As many as 2,300 jobs have been saved after property tycoon Petter Stordalen led the rescue of collapsed travel agent Thomas Cook’s Nordic arm.
On the Beach Group has said it is well positioned to benefit from the collapse of Thomas Cook. The 178-year-old travel giant was forced into administration last month, faltering under as much as £3 billion in debts.
Hays Travel has reached an agreement with receivers working on the liquidation of Thomas Cook to acquire the entire retail estate of the collapsed travel agent. The deal will see Hays Travel acquire a total of 555 stores around the UK.
The Civil Aviation Authority will complete Operation Matterhorn today following the collapse of Thomas Cook. Since the liquidation of the company on September 23rd, the CAA has repatriated 140,000 passengers in what it brands the largest ever peacetime operation of its kind.
Operation Matterhorn completed a total of 70 flights on the second day of operation, as the CAA continues to repatriate stranded Thomas Cook customers. There are plans for 70 flights to return 16,500 people on Wednesday.
Business secretary, Andrea Leadsom, has asked the official receiver to look at whether bosses’ actions “caused detriment to creditors or to the pension schemes”.
Thomas Cook has ceased trading following the collapse of recuse talks aimed at saving the 178-year-old company. All the organisations in the group will cease operations from today, including Thomas Cook Airlines.
There are currently more than 150,000 Thomas Cook customers abroad, almost twice the number that were repatriated following the failure of Monarch. In response, the Civil Aviation Authority will launch a repatriation programme over the next two weeks.
Thomas Cook has been told it needs to find an extra £200 million in extra funding in order to secure its future. The troubled operator has hoped to seal a rescue deal led by Fosun Tourism Group this week.
Thomas Cook has filed for chapter 15 bankruptcy protection in the United States as the company seeks to safeguard itself from legal action by debtholders.