Thomas Cook Group Collapses
Posted on 09/23/2019
Thomas Cook Group plc has ceased trading on the stock exchange. U.K.’s Civil Aviation Authority announced its launched a program to bring stranded customers home. Thomas Cook Group is a 178-year-old travel company. Peter Fankhauser, Thomas Cook’s chief executive, said in a release, “Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.”
Thomas Cook Group failed to secure the additional £200 million it needed to keep the company afloat after a day of talks with creditors.
Thomas Cook AG is the successor to Thomas Cook & Son. Thomas Cook AG and MyTravel Group plc merged in June 19, 2007 creating Thomas Cook Group plc. Condor, legally incorporated as Condor Flugdienst GmbH, is a German leisure airline based in Frankfurt and a subsidiary of the now insolvent Thomas Cook Group. Thomas Cook Airlines Limited was a British charter and scheduled airline headquartered in Manchester, England.