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Tour company Thomas Cook ceases trading, bookings cancelled

Last Updated Sep 22, 2019 at 6:48 pm PST

FILE - In this May 19, 2016 file photo, a Thomas Cook plane takes off in England. Thomas Cook, one of the world’s oldest and largest travel companies, is facing a race against time to stay afloat it was announced Friday, Sept. 20, 2019. The debt-laden British-based company has confirmed it is seeking 200 million pounds ($250 billion) in extra funding to avoid its collapse. (Tim Goode/PA via AP, file)

LONDON — British tour operator Thomas Cook has ceased trading and all its hundreds of thousands of bookings cancelled after the firm failed to secure rescue funding.

The Civil Aviation Authority announced the film’s collapse early Monday. More than 600,000 vacationers had booked through the company.

CAA said 150,000 are British customers now abroad who will have to be repatriated.

The group’s four airlines will be grounded and its 21,000 employees in 16 countries, including 9,000 in the UK, will be left unemployed.

The debt-laden company had said Friday it was seeking $250 million USD to avoid going bust, was in talks with shareholders and creditors to stave off failure.