Manchester and Scandinavia-based Thomas Cook Airlines has gone bankrupt as of 2:15am London time of September 23, 2019 which resulted to the airline ceasing all operations and ticket sales. Thomas Cook in a statement said that stakeholders and potential investors have not reached an agreement leaving the board with no recourse but to enter into compulsory liquidation with immediate effect.
In a press release by Thomas Cook, it said, "despite considerable efforts, discussions to secure final terms on the recapitalisation and reorganisation, have not resulted in agreement between the company’s stakeholders and proposed new money providers."
The airline was in recapitalization talks with Chinese stakeholder Fosun, banks, and creditors, despite filing for Chapter 15 bankruptcy protection in the United States.
Thomas Cook Chief Executive Peter Fankhauser said, "We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. 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."
Around 150,000 affected Thomas Cook passengers will be repatriated back to the United Kingdom (UK) using wet-leased aircraft and other airlines. "Operation Matterhorn" will be the largest repatriation in the UK after World War II.
On the other hand, Thomas Cook Airline's German affiliate Condor has posted on its Twitter account that it remains in operation even if their website is offline.
Prior to its collapse, Thomas Cook Airlines operated an all-Airbus fleet consisting of 27 A321-200 and 7 A330-200.