Thomas Cook Collapses

AFTER MONTHS of uncertainty and numerous attempts to secure funding or sell parts of the company, Thomas Cook Group entered compulsory liquidation on September 23 and its UK entities ceased trading with immediate effect at 3am that morning, despite several of its aircraft still being airborne.
 
A Thomas Cook operated Airbus A330-200 (Registration: OY-VKF) touches down at Manchester Airport. Martin Needham

The company reported losses of £65m and debts of £1.25bn in its half-year results for the six months to the end of March, causing its share price to fall as low as 8.4p during May and analysts at Citigroup to describe its shares as “worthless”. A rescue bid came in late August with China’s Fosun Tourism acquiring 75% of the tour business and 25% of its airline in a £450m deal.

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