Up to 140,000 Brits could be stranded on holiday and 20,000 jobs lost if Thomas Cook fails to secure £200million

Up to 140,000 Brits could be stranded on holiday and 20,000 jobs lost if Thomas Cook fails to secure £200million

- in Uk News
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UP to 140,000 holiday Brits could be stranded if Thomas Cook goes bust, experts warn.

Flying them home would require the biggest-ever peacetime repatriation.

Lorna McDonald‏ @Lornamac_20

Thousands of Thomas Cook holidaymakers could be left stranded if the travel agent were to go bust[/caption]

Sources fear 20,000 will lose jobs worldwide. Global agencies and cruises would be hit.

Thomas Cook, Britain’s oldest travel agent, is said to be in talks to offload subsidiaries.

It has a £200million black hole following demands by lenders to secure funding.

That is on top of a £900million restructuring package to be voted on next week.

Insiders say the firm has been refused the licence renewal for October onwards after failing to provide proof that they can operate for the following 12 months.

Flights which have not left runways by midnight Sunday will be grounded.

A source said: “The Civil Aviation Authority has measures in place to assist with repatriation for the 14-day period following the grounding of aircraft.”


The CAA did not comment on the licence renewal. Thomas Cook declined to comment.

Earlier this week the firm filed for bankruptcy protection to avoid creditor lawsuits in the US.

In 2017 the collapse of Monarch Airlines meant 110,000 holidaymakers had to be flown home by the government.

Getty – Contributor

Around 20,000 staff worldwide risk losing their jobs[/caption]

AFP

The travel agent is said to be trying to secure funding from selling company assets[/caption]


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