Thomas Cook, founded in 1841, collapsed yesterday, stranding 150,000 people and causing the largest repatriation effort in British history:
The Civil Aviation Authority announced at 2am on Monday morning that the world’s oldest holiday company had gone into administration and that all flights and bookings had been cancelled.
The official administration was timed for the early hours when the largest number of the 94-strong fleet of planes were on the ground.
The tour operator is understood to have made a number of proposals, including asking lenders to reduce a £200m demand for extra funding and for credit card companies to release about £50m of cash they are holding as collateral against Thomas Cook bookings.
A couple planning to get married next weekend, having booked the whole thing through Thomas Cook, are among the disappointed.