Sep 23, 2019

Thomas Cook bosses face scrutiny over collapse

Thomas Cook bosses' actions will face scrutiny as part of an investigation into the tour operator's collapse. Labour's shadow chancellor John McDonnell has said Thomas Cook bosses should pay back any bonuses they had received. The CAA is also contacting hotels accommodating Thomas Cook customers, who have booked as part of a package, to tell them that the cost of their accommodation will be covered by the government's Air Travel Trust Fund and Air Travel Organiser's Licence scheme. Thomas Cook had secured a £900m rescue deal led by its largest shareholder Chinese firm Fosun in August, but a recent demand from its banks to raise a further £200m in contingency funding had put the deal in doubt. Thomas Cook has blamed a series of issues for its problems, including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit.

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