Thomas Cook Collapsed Owing at Least $12 Billion

Skift | December 16, 2019

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

Paired with changing workforce dynamics, contact centers are coping with issues such as economic uncertainty, customer vulnerability, an increase in global compliance regulations and ongoing pandemic-related disruptions —
from the supply chain to employee health concerns. A perfect storm of external factors have led to higher interaction volumes and more complex customer conversations.

Spotlight

Paired with changing workforce dynamics, contact centers are coping with issues such as economic uncertainty, customer vulnerability, an increase in global compliance regulations and ongoing pandemic-related disruptions —
from the supply chain to employee health concerns. A perfect storm of external factors have led to higher interaction volumes and more complex customer conversations.

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AIRLINES AND AIRPORTS, INDUSTRY OUTLOOK

IBS Software's New Survey Reveals Air Passenger Preferences

IBS Software | February 15, 2023

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TRAVEL TECHNOLOGY,INDUSTRY OUTLOOK

battleface Launch Robin Assist, a Tech Platform for Travel Insurance Service

battleface | January 12, 2023

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DESTINATION AND TOURISM

GetYourGuide Launches Its Originals by GetYourGuide Platform

GetYourGuide | March 09, 2023

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