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UKâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s Civil Aviation Authority said Thomas Cook had now ceased trading and it will work with the British government to bring the more than 150,000 British customers home over the next two weeks. The groupâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s four airlines will be grounded and its 21,000 employees in 16 countries, including 9000 in the UK, will be left unemployed.


Australian firm Webjet said Thomas Cook was one of the customers of its WebBeds B2B business and it would take a $7 million hit as a result of the UK firmâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s collapse.


The debt-laden Thomas Cook had said on Friday it was seeking Ãâہ¡ÃƒÆ’‚£200 million to avoid going bust, and was in talks with shareholders and creditors to stave off failure.


âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Despite considerable efforts, those discussions have not resulted in agreement between the companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s stakeholders and proposednew money providers,âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ Thomas Cook said in a statement. "The companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ

always thought the travel biz was the ultimate Ponzi scheme. Take customers' money months in advance, but don't pay suppliers until completion.


And ...(MORE: UK starts largest peacetime repatriation !!)

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