IndianEra > Business > 178-Yr-Old Thomas Cook Bankrupts, UK for #OperationMatterhorn!

In a largest repatriation mission in its history, the United Kingdom is on efforts to fly its stranded tourists elsewhere after Thomas Cook’s bankruptcy.

Titled Operation Matterhorn, the mission aims to bring back home around 150,000 British travellers (at free of cost) who booked their travel on Thomas Cook flights.

According to the UK Civil Aviation Authority (CAA), this mission will cost the government more than USD 120 million.

“All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date,” the UK Government said in a statement.

Malaysian Airlines has already sent its Airbus A380, with at least 500 travellers, to Manchester as part of this operation.

Thomas Cook Flights

In support, Turkey’s Ministry of Culture directed its hotel industry not to collect any additional charges from travelers who booked hotel stays under Thomas Cook. This warning came after reported incidents forcing travelers to pay additional charges.

Thomas Cook Information Desk

Commenting on such instances, German aviation analyst said such practices mean ‘extortion’ and there exists uncertainty ‘if government or insurers will refund to the travellers on their expenses’.

Commenting on the situation, British PM Boris Johnson asked ‘why should the government be held responsible for the actions on highly-paid company directors. He said even the tour operators should have their own insurance arrangements for the travellers.

“I have questions for one about whether it’s right that the directors, or whoever, the board, should pay themselves large sums when businesses can go down the tubes like that,” Johnson said.

“You need to have some system by which tour operators properly insure themselves against this kind of eventuality,” he added.

6 Lakh Travellers Stranded

Thomas Cook Travellers

Thomas Cook accounted for around 5-6% of all arrivals to the island nation Cyprus. The incident came as a caution to the country to be well-prepared for such bankruptcy situations in future.

Overall, a total of 600,000 Thomas Cook traveler have been stranded since the company announced bankruptcy on September 22, 2019.

The company submerged in a USD 2.1 million debt pile and had to sell around 3 million holidays just to cover its interest payments.

Now, reports say German subsidiary of Thomas Cook Condor is also likely to face a similar risk in the near future. On these lines, the German Government has also begun its preparations for early repatriation in such case.

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Posted by IndianEra, 01/10/2019