Thomas Cook Group plc has announced in a press release, issued in the early hours of September 23, that "despite considerable efforts, discussions to secure final terms on the recapitalisation and reorganisation, have not resulted in agreement between the company’s stakeholders and proposed new money providers."

Thomas Cook was in recapitalisation talks with Chinese shareholder Fosun, banks and creditors having already filed for Chapter 15 bankruptcy protection in the United States earlier.

Thomas Cook Group’s board said that "it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

It expects a UK High Court several lawyers from the AlixPartners UK LLP firm to be appointed as Special Managers.

The UK Civil Aviation Authority (CAA) has been tasked with repatriating travellers who purchased Air Travel Organiser's License protected package holidays and is expected to charter in a wide range of different aircraft to do so.

Thomas Cook Airlines UK (Manchester International) and Thomas Cook Airlines Scandinavia (Copenhagen Kastrup) have suspended operations with immediate effect, the carriers said on their website and in a press release respectively. German tour operator Thomas Cook GmbH has said that it could not guarantee trips booked for departures on September 23 and 24 and has stopped selling holiday packages. It is currently exploring its options considering the liquidation of its parent company and will attempt to find a solution for its tour operators in Germany. However, it warned, it may potentially be forced to file for insolvency.

Unlike their UK and Scandinavian counterparts, Condor (DE, Frankfurt International) and sister carriers Thomas Cook Airlines Balearics (Palma de Mallorca) and Thomas Cook Aviation (Frankfurt International) continue to operate. However, while Condor has stressed that its flight operations continue as required, spokesman Johannes Winter told German radio that the carrier will be asking the German federal government for a bridging loan, amounting to EUR200 million euros (USD220 million), German newswire dpa has reported.

dpa has further reported that for legal reasons Condor and its affiliates are not currently transporting any passengers booked on Thomas Cook tours. The carrier continues to carry customers of other tour operators and those who booked tickets individually.

According to ch-aviation fleets, Thomas Cook Airlines UK operated twenty-eight A321-200s and seven A330-200s. Its Scandinavian sister carrier Thomas Cook Airlines Scandinavia operates eight A321-200s, one A330-200 and three A330-300s. The UK operator also wet-leased in incremental capacity from Avion Express (X9, Vilnius) and SmartLynx Airlines (6Y, Riga).