facebooktwitteryoutube
in Business - 28 Sep, 2019
by Curtis - no comments
Webjet Gets Hurt By Thomas Cook Collapse, Qantas Working To Help Stranded

Businesses failing can hurt, with bigger businesses going under resulting in more damage. British travelers who travel to the AU looking for adventure turn to popular travel firms to book flights and make arrangements, like a Cairns to Port Douglas shuttle, or the like.

One of the more storied firms, Thomas Cook, recently went under due to having failed to secure a desperate, final rescue deal over a weekend of negotiations late September, preventing them from securing the extra $368 million its lenders asked for.

This, in turn, resulted in 150,000 Brits being stranded in the AU, with an additional 450,000 passengers looking for help across the world.

According to the BBC, plans are underway to bring all these people back, in what will be one of the biggest repatriation ops in British history, dubbed Operation Matterhorn. As of September 23, empty aircraft have flown across the world to bring the firm’s customers home, while those who haven’t left the UK yet are advised to stay away from the airports.

As for the AU, it won’t affect services like Cairns to Port Douglas shuttle much, but Qantas has been called on to help with the massive task of bringing the hundreds of thousands of travelers stranded by the collapse of Thomas Cook.

Details remain scarce, however, a statement from the Aussie airline stated that they are responding to the call for support and are currently assessing the situation in order to see what they can actually provide.

Reports say that charter planes have been brought in from countries, even ones as far from the UK as Malaysia, in order to help with operations.

As for businesses, Webjet, the Aussie online travel firm took a hit from Thomas Cook collapsing, with the company saying that they’d lose about $43.7 million for the FY20, which the British travel firm was supposed to pay them back. Company shares dropped by as much as 6%, but managed to pull things back a bit, managing to keep losses down to just -1.6% by 1246 AEST.

Thomas Cook issued a statement on the matter, saying that the company’s board came to the conclusion that liquidation was the only choice left to them, effective immediately. Company CEO Peter Fankhauser stated that it was a huge matter of regret for them, and that they’re sorry to the employees, suppliers, and partners that were affected by this recent turn of events.