One of the world’s oldest travel and leisure companies Thomas Cook filed for compulsory liquidation on Monday after failing to secure a bailout from lenders. However, the India branch of Thomas Cook will continue to function as “it is a completely different entity since August 2012,” Madhavan Menon, Chairman and Managing Director, Thomas Cook India, said in a statement. Thomas Cook India Group was acquired by Fairfax Financial Holdings, a Canada-based multinational with varied interests. The latter acquired a 100% stake in Thomas Cook India and hence, the Thomas Cook UK is no longer a promoter of the India subsidiary.
As the company ceased operations and Thomas Cook flights were cancelled, millions of travellers across the globe were left in a frenzy. The British government will now undertake one of its largest repatriation measures to bring back about 6 lakh stranded holidaymakers across the globe. The 178-years-old travel firm took a hit by flourishing online competition and was reeling under 1.7 billion pounds of debt, CNBC reported. The company has
