Thomas Cook holiday crisis warning as ‘140,000 Brits face being stranded abroad’

Hundreds of thousands of holiday Brits could be stranded abroad if travel agent Thomas Cook goes bust, an expert has warned.

The iconic British travel agent, originally founded in 1865, reportedly faces a £200m black hole in its finances.

Sources have claimed up to 140,000 Brits could be left stranded with no way of getting home if the firm goes to the wall.

On top of that, as many as 20,000 jobs could be lost worldwide.

Thomas Cook is set to be in talks to offload some of its subsidiaries, as lenders have made demands on the company to secure funding.

A whopping £900m restructuring package is also set to be voted on by firm's board next week.

Insiders told The Sun the firm has been refused the licence renewal for October onwards.

This was after the company allegedly failed to provide proof that they can continue to run flights for the following year.

Any flights which haven't left runways by midnight on Sunday face the prospect of being grounded.

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Flying all of the stranded passengers home would be the biggest-ever peacetime repatriation by the British government.

A source told the paper: "The Civil Aviation Authority has measures in place to assist with repatriation for the 14-day period following the grounding of aircraft."

Earlier this week, Thomas Cook filed for bankruptcy protection to avoid creditor lawsuits in the US.

Daily Star Online has contacted Thomas Cook for comment.

In May, Thomas Cook posted losses of £1.5billion for the first half of 2019 as it closed 21 high street branches with 300 jobs going.

That week, the company's value plummeted 40% , as city analysts declared their stock to be "worthless".

It comes two years after Monarch Airlines collapsed, leaving 110,000 stranded.

They also had to be flown home in a major operation costing £60m, paid for by the Air Travel Trust Fund.

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