Thomas Cook and XL Airways on the verge of bankruptcy
While Thomas Cook, one of the oldest travel agencies in the world, founded in 1841 and considered the founder of the "tour package" concept, is on the verge of bankruptcy XL Airways already announced on their website that due to its financial difficulties they will stop selling tickets effective of 19th September 2019 and some of their flights may have to be cancelled.
More than 150,000 Britains are now on holiday abroad with Thomas Cook and in danger of being left without transportation back home. The creditors requested an additional guarantee of 200 million pounds in addition to their currently debt of 900 million pounds.
The good news is that Thomas Cook is ATOL protected, so theoretically nobody will remain stranded abroad or end up out of pocket.
Only the Chinese can save Thomas Cook from bankrupcy, so the next 24 hours are crucial.