Thomas Cook has gone into administration after knife-edge talks over the weekend with lenders, shareholders and the UK government failed to piece together a rescue package for the 178-year-old travel company.
Following a drawn-out day of negotiations at Latham & Watkins, the law firm, on Sunday, Thomas Cook’s board said that despite “considerable efforts” the failure of the talks meant “it had no choice but to take steps to enter into compulsory liquidation with immediate effect”.
The collapse of the travel company leaves 21,000 jobs at risk and 150,000 UK holidaymakers stranded abroad, reliant on an effort by the government’s Civil Aviation Authority to put together the biggest emergency repatriation in peacetime.
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