Last of Thomas Cook's stranded customers brought home
As 4,800 passengers returned yesterday, details emerged of the extent of the damage collapse has caused
Sunday marked the last day of “Operation Matterhorn” - the emergency repatriation of Thomas Cook customers after the tour firm’s collapse left 150,000 people stranded abroad.
A total of 4,800 people returned on 24 flights yesterday, with the final flight of the operation - a service from Orlando, Florida, to Manchester - due to land this morning.
The massive operation was the UK's largest ever peacetime repatriation programme, and was launched by the UK's Civil Aviation Authority (CAA), which involved roughly 700 flights over two weeks to complete the job.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"In the first 13 days we have made arrangements for around 140,000 passengers to return to the UK and we are pleased that 94% of holidaymakers have arrived home on the day of their original departure,” said Richard Moriarty, chief executive at the CAA.
The CAA said it would now turn its attention to the 360,000 bookings cancelled when Britain's oldest travel company went under. Customers who purchased package holidays through the operator - the majority of its sales - should be covered by the Air Travel Organiser's Licence scheme (Atol), and will be refunded as a result.
The 178-year-old company failed to secure the last-ditch creditor deal for £3bn of debt that it needed to keep flying in the early hours of 23 September, and the CAA launched “Operation Matterhorn” hours afterwards.
Around 9,000 people have lost their jobs as a result of the company's liquidation.
–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Get your first six issues free–––––––––––––––––––––––––––––––
The Daily Telegraph reveals details of a confidential report, seen by Thomas Cook’s management days before the company caved, that depicted how its failure would impact countless other businesses across the travel sector, in the UK and beyond.
“Many suppliers could expect to recoup just 3.4p in every pound owed to them. Bondholders, whose debts totalled more than £1bn, may only recover 2.3p,” the paper reports. “The Thomas Cook brand, once one of the oldest and most revered names in the travel industry, was worth as little as £1.3m, the report by advisers AlixPartners found.”
“The gloomy predictions come as the bill to European taxpayers of Thomas Cook’s collapse could soon swell to more than £1bn... Britain’s bill – to fly customers home and fund redundancy pay – is already estimated at £160m.”
AlixPartners are now handling the liquidation of the company, alongside accounting consultancy KPMG.
“British Transport Minister Grant Shapps has said the government will try to recoup some of the costs of the repatriation, both from third parties such as insurers and from the failed company’s assets,” Reuters reports.
“An inquiry has been launched by the Business, Energy and Industrial Strategy Committee, with MPs focussing on directors' stewardship of the company,” says the BBC. “And the Financial Reporting Council, the accounting watchdog, is to investigate the auditing of the company.”
Last week, Ryanair’s CEO Michael O’Leary revealed he was skeptical about the future of packaged holidays. “It’s screwed, it’s over,” he said. O’Leary also criticised the CAA for awarding Thomas Cook a year-long “fit to fly” license months before its collapse.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
William Gritten is a London-born, New York-based strategist and writer focusing on politics and international affairs.
-
'Virtual prisons': how tech could let offenders serve time at home
Under The Radar New technology offers opportunities to address the jails crisis but does it 'miss the point'?
By Chas Newkey-Burden, The Week UK Published
-
The Week contest: Airport goodbyes
Puzzles and Quizzes
By The Week US Published
-
'We shouldn't be surprised that crypto is back'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Thomas Cook’s return journey: from collapse to relaunch in one year
Speed Read Travel brand resurrected as online-only agent by Chinese owners Fosun
By Mike Starling Last updated
-
Flybe saved: but why is the airline industry struggling?
In Depth Government offers lifeline as budget carrier avoids becoming tenth European airline to collapse in past two years
By Gabriel Power Last updated
-
Thomas Cook boss ‘sorry’ for collapse
Speed Read Travel company CEO defends his salary and bonuses
By James Ashford Last updated
-
Thomas Cook collapse: who is to blame?
In Depth Ministers point finger at highly-paid directors as Labour condemns the government
By The Week Staff Last updated
-
Historic airlift to be launched as Thomas Cook collapses
Speed Read Travel agent goes bust leaving more than 150,000 holidaymakers stranded
By The Week Staff Published
-
Are British tourists boycotting the EU?
In Depth Thomas Cook says more Brits are looking outside the EU for their summer holiday
By The Week Staff Last updated
-
Thomas Cook: how it collapsed and what customers need to do next
In Depth CAA launches biggest ever peacetime repatriation to bring home stranded holidaymakers
By The Week Staff Last updated
-
Why Club 18-30 is finally over
In Depth The last trip for revellers seeking sun, sex and sangria will be to Magaluf on 27 October
By The Week Staff Last updated