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UK travel giant Thomas Cook collapses
The 178-year-old operator had been seeking £200 million ($250 million) from private investors to save it from collapse.
Updated on: Sep 23, 2019, 10:28:10 IST
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British travel giant Thomas Cook declared bankruptcy on Monday after failing to reach a last-ditch rescue deal.
The 178-year-old operator had been seeking £200 million ($250 million) from private investors to save it from collapse.
“Despite considerable efforts, those discussions have not resulted in agreement between the company’s stakeholders and proposed new money providers,” Thomas Cook said in a statement.
“The company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.”
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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