British travel firm Thomas Cook faces bankruptcy, despite last minute negotiations to revive it

Overburdened with debts, the British travel firm was desperately seeking £200m of extra funds to deal with insolvency

Thomas Cook, Bankruptcy, Fosun Tourism Group, British Travel firm

Thomas Cook has officially declared bankruptcy, after last-minute negotiations with the firm’s creditors as well as with its investors led by China’s Fosun Tourism Group, failed. Overburdened with debts, the British travel firm was desperately seeking £200m of extra funds to deal with insolvency.  While the travel firm has entered compulsory liquidation, it has also resulted in cancellation of all Thomas Cook bookings, including flights and holidays, thereby affecting several travellers around the world. As per estimation, around 6, 00,000 people all across the globe are left stranded on trips abroad, including 150,000 from the UK. However, as per reports, the government is working out its ways to help their citizens return home. The collapse has not just affected the travellers, but it has also put 22,000 jobs at risk worldwide, including 9,000 in the UK.

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