UK Travel Company Thomas Cook Declares Compulsory Liquidation


UK Travel Company Thomas Cook Declares Compulsory Liquidation

MOSCOW (UrduPoint News / Sputnik - 23rd September, 2019) UK global travel company Thomas Cook has announced in a press release on Monday its compulsory liquidation.

"Further to the announcement made on 20 September 2019, Thomas Cook Group plc ('the Company') continued to engage with a range of key stakeholders over the weekend in order to secure final terms on the recapitalization and reorganization of the Company. Despite considerable efforts, those discussions have not resulted in agreement between the Company's stakeholders and proposed new money providers.

The Company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect," the press release said.

The company added that it was awaiting repatriation of UK customers impacted by the move from abroad.

"We expect that AlixPartners UK LLP will now work very closely with the Civil Aviation Authority in the UK, to effect the repatriation of all UK customers impacted by this announcement," the press release noted.

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