Why has Thomas Prepare dinner gone bust and the way can I get assist if I am caught overseas? All of your key questions answered
What has gone fallacious?
Thomas Prepare dinner grew to become saddled with a £1.6 billion debt following years of mismanagement and over-expansion. It introduced a £900 million rescue deal in July, led by its largest shareholder, Chinese language conglomerate Fosun, and different backers.
Early this morning it was introduced that the corporate had gone bust.
Why did it collapse?
The agency’s lenders, led by Royal Financial institution of Scotland and Lloyds, had stated the corporate wanted a £200 million mortgage to tide it over. The banks’ persistence ran skinny, on condition that they’d already given Thomas Prepare dinner a £675 million overdraft.
Thomas Prepare dinner grew to become saddled with a £1.6 billion debt following years of mismanagement and over-expansion. Pictured are Thomas Prepare dinner passengers checking in at Glasgow Airport yesterday
What occurs subsequent?
Directors shall be known as in. It’s a prison offence to proceed buying and selling when bancrupt.
What if I’m already overseas with Thomas Prepare dinner?
Those that have booked a package deal vacation ought to be protected by the Atol scheme. This implies they are going to be entitled to proceed their vacation and fly residence with one other airline.
International Secretary Dominic Raab yesterday promised that none of Thomas Prepare dinner’s estimated 165,000 prospects shall be left stranded overseas, paving the best way for Britain’s largest peacetime repatriation.
Passengers flying from Antalya, Turkey, to Glasgow on Friday had been relieved to have boarded what might be one among Thomas Prepare dinner’s final ever flights. However when a fault with the airplane prevented it from taking off, they had been stranded on the airport in a single day
It stays unclear how a lot this could price, with estimates starting from £100 million to £600 million. Many holiday-makers might be pressured to attend for as much as two weeks earlier than returning.
What about future bookings?
If prospects have Atol safety, they’re entitled to a refund or various vacation. Those that booked flights solely can declare a refund in the event that they used a bank card and it price greater than £100.