This morning Thomas Cook collapsed after last minute talks with its creditors over the weekend failed to secure the required funding to keep the company in business. This means that Thomas Cook has ceased trading effective immediately, and all its UK flights have been grounded.
The announcement came after Thomas Cook was unable to secure the extra £200 million in funding needed to stay afloat following last minute talks with its creditors at city law firm Latham Watkins yesterday.
The government through the CAA (Civil Aviation Authority) has chartered a fleet of 40 aircraft to get the company's British passengers home as swiftly as possible. The repatriation mission - the largest of its type in peacetime - is expected to last 2 weeks and free flights will be offered to the majority of Thomas Cook's 150,000 passengers currently overseas.
In a statement the CAA said “some disruption is inevitable” but it hoped to get people back to the UK “as close as possible to their planned flight dates.” Read the CAA's statement.
Here is some guidance as to what you should do.