Thomas Cook's Bankruptcy Story

British tourism company Thomas Cook collapsed on Monday and declared bankruptcy after failing to secure the necessary funding, leaving tens of thousands of holidaymakers stranded abroad.

Last May, the British company announced a £ 1.25 billion debt, warning that political uncertainty over Brexit had hurt demand for summer holidays.

Heatwaves in Europe have led many travelers to stay at home. Also, High flight prices and hotel costs drove tourists away from the travel business.

The company’s troubles appear to be already affecting those traveling under the Thomas Cook banner.

A British tourist told BBC that some resorts demanded from guests to pay additional charges for fear that Thomas Cook wouldn’t pay for the respite.

Another tourist said that many tourists were held hostage as they refused to pay for extra charges, that was already paid to Thomas Cook.

More than half a million holidaymakers, who booked their flights through Thomas Cook, wonder whether they can return home as a travel agency on the brink of collapse.

The heavily indebted company held talks with shareholders seeking around £ 200 million in funding to avoid bankruptcy.

A breakdown in the company could leave around 150,000 British travelers along with hundreds of thousands others confined.

Meantime, Thomas Cook sought to convince customers that flights were still operating as usual.

The British Department for Transport and Civil Aviation Authority prepared plans to bring British passengers back to the homeland.

"Those rescue flights would take place until October 6, leading to the possibility that travelers could be delayed for up to two weeks," according to the British aviation authority.