Thomas Cook Collapsed Owing at Least $12 Billion

Skift | December 16, 2019

Thomas Cook Collapsed Owing at Least $12 Billion
The financial black hole at the center of insolvent travel company Thomas Cook amounts to at least $12 billion (£9 billion) according to a new report from the UK Insolvency Service. More than half of the total figure, around $7.6 billion (£5.7 billion), relates to debts owed to other parts of the business, but that still leaves $4.4 billion (£3.3 billion) owed to outsiders. Of this, banks and other lenders are owed $2.4 billion (£1.8 billion), suppliers $1.2 billion (£885 million), customers $780 million (£585 million), and employees $60 million (£45 million). Beyond these headline numbers the Insolvency Service has so far declined to give any details on the individual companies involved in the claims.

Spotlight

Who doesn’t love the holiday season? Friends and family gathered to spend time with each other, cozy movie nights complete with hot cocoa, and giving gifts to one another. It is such a busy and exciting time of the year that we often forget to take into account the effects of our activities. I know that during December, I’m mostly focused on completing my Christmas gift list for what I’m getting my family and friends. I hardly even think about the effects of what the holiday activities are causing the environment.

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Spotlight

Who doesn’t love the holiday season? Friends and family gathered to spend time with each other, cozy movie nights complete with hot cocoa, and giving gifts to one another. It is such a busy and exciting time of the year that we often forget to take into account the effects of our activities. I know that during December, I’m mostly focused on completing my Christmas gift list for what I’m getting my family and friends. I hardly even think about the effects of what the holiday activities are causing the environment.