It is estimated that at least 600,000 people all across the globe will be affected, forcing governments to coordinate with insurance companies and other airlines to help their citizens return home.
All Thomas Cook bookings, including flights and holidays, have now been cancelled.
The UK’s civil aviation watchdog has pledged to help 150,000 Brits currently abroad, but the fate of the remaining customers remains unclear. Foreign Secretary Dominic Raab reassured British travelers that “in the worst-case scenario, the contingency planning is there to avoid people being stranded.”
Overburdened by a crippling $2.1 billion debt, one of the oldest and largest travel companies in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.
The company has a history dating back to 1841. It had nearly 22,000 employees serving 19 million customers per year, running hotels, flights and cruises across 16 countries.