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Thomas Cook Management Faces Inquiry Amid Its Collapse - Reports

On Monday, the Thomas Cook Group, which includes the tour operator and airline of the same name, announced its compulsory liquidation following unsuccessful talks between the company's stakeholders and potential new donors on terms of the firm's recapitalisation and reorganisation.
Sputnik

The UK government has ordered a probe into the role of Thomas Cook Group Plc’s management in the collapse of the tour operator, according to Bloomberg media outlet.

As reported, Business Secretary Andrea Leadsom asked the Insolvency Service, a state agency, to investigate the responsibility of the company’s directors.

Recently, the government also expressed worries about bonuses paid to Thomas Cook's top management.

The UK Civil Aviation Authority (CAA) said on Monday that it had launched an operation to repatriate around 150,000 UK citizens stranded abroad because of Thomas Cook's liquidation, with the process expected to be completed within two weeks.

Thomas Cook Group was one of the world's oldest travel companies and one of the industry leaders in Europe. In total, some 600,000 people are believed to currently be on Thomas Cook tours and are facing a risk of disruptions and irregularities over their holiday. Among them are around 140,000 tourists from Germany, 10,000 from the Netherlands, the same number from France, as well as 3,000 from Finland, among others, according to media reports.

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