Thomas Cook went bankrupt after it failed to pay back £200million to its creditors leaving thousands of holidaymakers stranded.

The travel giant was given a deadline till 11:59 of 22nd September to pay back the entire amount it owed to the creditors. As the company failed to pay back the amount, it was announced as bankrupt leaving thousands of holidaymakers stranded.

About 9,000 employees in the UK working for the company will be in serious trouble as they lose their job because of the company shut down. The company has about 21,000 employees globally.

Travelers who were expecting to take their trip in a Thomas Cook flight have been asked to stay home as all the planes of the company have been grounded following the bankruptcy.

An insider of the industry says that the news of bankruptcy means the Civil Aviation Authority (CAA) will now be responsible for the rescue of British people that are left stranded which will cost about £100m.

Thomas Cook agreed to pay 900 million pounds to the creditors but the lenders later demanded 200 million pounds more which the company was unable to pay.

The company was struggling with massive debts for a long time and just in the past one year, the value of the company went from £2.2 billion to just £180 million.

Analysts working at the Citigroup bank said that it was worthless to buy the shares of the company and that the shares should be priced at just 0.

The company revealed that they have lost their value by £1.5bn in just half a year.

The company served approximately 22 million people in the year 2018 alone but still was in a debt of £1.25bn.

All the retail shops of the company have been shut down and the website of the company flashes the news that all the tour packages they had planned have been canceled.

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