In the aftermath of the chaos around Britain's oldest travel group Thomas Cook's collapse in the UK, on Monday, September 23, the Chairman and MD of Thomas Cook India, Madhavan Menon, spoke to ANI confirming the reports. However, Madhvan Menon reassured the media that this shutdown won’t affect Thomas Cook India. He was quoted saying, "There are 2 companies, UK based Thomas Cook Plc & Thomas Cook India. Former stopped owning shares in Thomas Cook India in 2012. We've no relation, our balance sheet is independent&sound. What has happened in UK is localized to UK”.
The shutdown of the global travel firm was confirmed after the CEO of Thomas Cook group Peter Fankhauser told the media that
“It was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders in frantic talks that went through the weekend in a statement.” The UK’s Civil Aviation Ministry also said: “Thomas Cook has confirmed that all the UK companies in its group have ceased trading, including Thomas Cook Airlines.”
More than 50,000 passengers of the Airline are reportedly stranded at various Airports. Many employees of the company are also worried about their future. According to reports, the UK Government is now preparing ways to help the stranded passengers. The Thomas Cook Group was formed in June 2007 by the merger of Thomas Cook AG and My Travel Group. The liquidation of the company marks the end of one of Britain's oldest companies that started life in 1841.
Thomas Cook reportedly secured a rescue deal led by its largest shareholder in August. Following a demand from its banks to raise a further £200m in contingency funding, leaving the deal unfinished.