(MENAFN) The British Civil Aviation Authority (CAA) said on Sunday that, British travel giant Thomas Cook failed after failing to secure rescue funding.
The 178-year-old package holiday operator had spent Sunday trying to increase a gigantic contingency fund of USD 250 million ordered by its lending banks, but to no avail.
The CAA said in a statement that, "All Thomas Cook bookings, including flights and holidays, have now been cancelled," also announced that the travel firm has "ceased trading with immediate effect."
The British government started a repatriation program intended to bring the company's 150,000 British customers home.
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