of 21,000 staff working for the troubled travel company who now

stand to lose their jobs and disrupted

the holidays of hundreds of thousands of customers.

The British government has launched Operation Matterhorn,

the biggest peacetime repatriation of UK citizens,

which will fly 150,000 British holidaymakers back home.

But for hundreds of thousands of customers

who have booked package holidays and flights with Thomas

Cook, what are your rights now that the company has entered

administration?

Let's start with those currently overseas.

Over the next two weeks, the UK's Civil Aviation Authority

has committed to fly home all Thomas Cook

customers with return flights who are currently overseas.

It says it will endeavour to get people home as close

as possible to their planned travel dates and has set up

a dedicated website - ThomasCook.caa.co.uk -

where affected customers can find details and information

on repatriation flights as well as advice on accommodation.

The regulator has also set up a 24-hour helpline for Thomas

Cook customers, which can be reached on 0300-303-2800 from

the UK and Ireland and +44-1753-330-330 from overseas.

All UK customers who have booked a package holiday

- that's hotel and accommodation -

will be covered by ATOL, the consumer protection

scheme which is funded by industry levies.

This guarantees to fly customers home

in the event of a company failure

and refund the cost of replacing ATOL-protected parts

of their trip as well as covering

out-of-pocket expenses as a result of delayed flights home.

Now normally, customers who had only

booked a flight through Thomas Cook

would not be covered by ATOL protection.

But the CAA has confirmed that it

will fly home both ATOL and non-ATOL customers.

It stresses that customers who are currently overseas

should not travel to the airport until their flight back

to the UK has been confirmed on the dedicated website.

So what about those who have yet to travel?

Thomas Cook customers in Britain have already been told not

to go to the airport, as all flights leaving the UK have

been cancelled.

ATOL-protected passengers with future package holiday bookings

will be entitled to a full refund for their cancelled

holiday.

But this will take some time to process.

The CAA says it will not be in a position

to start accepting claims until next Monday, the 30th

of September, and has warned that from then it

could take as long as 60 days after that for the money

to be refunded, which takes us to the end of November.

This will unfortunately leave many passengers

with a rebooking dilemma.

As they wait to get their money back,

the price of flights and holidays with rival tour

operators is going up.

Travel experts are already warning

it could take even longer, due to the huge scale of Thomas

Cook's operations.

When Monarch collapsed in 2017, the CAA

had to process 30,000 claims under ATOL

and managed to refund 80 per cent

of those within three months.

But it is estimated it will receive hundreds of thousands

for Thomas Cook.

When its claims website goes live next Monday,

those making a claim will need to provide

their ATOL certificate issued at the time of their package

holiday booking and proof of payment

in the form of bank or credit card statements.

Those who only booked a flight through Thomas Cook's airline

will need to make a claim through their travel insurer

or attempt to get their money back through their credit

or debit card provider.

Finally, while all the upheaval is

distressing for holidaymakers, you

will get your money back eventually.

Sadly, the same cannot be said for the thousands of staff who

stand to lose their jobs at Thomas Cook.

So for investors, this means a number of things,

depending on what kind of investors they are.

Equity investors will be wiped out by this.

But they would have been, in most circumstances, anyway.

And equity investors have been pulling out

of this stock for a long time.

Its troubles are maybe 15 years old.

This business has been badly-run for many years.

It's had three really quite underwhelming chief executives.

We've seen a slow decline in its market.

It's been very badly positioned.

I think if you're looking around the travel industry space,

it also shows that there are some opportunities.

There are some other businesses that

have been doing very well by being a little more agile

than Thomas Cook has been.

There's a company called Dart, for example,

which is a UK-listed holidays and airlines group.

They've been going up this morning.

TUI, a big German group, which has a large UK side as well,

has also seen a bounce in the shares today.

But I think you also have to think deeply

about how legacy businesses with lots and lots of balance

sheet invested in things like hotels and cruise ships

are going to do.

This is now quite an asset-light sort of industry.

And there are a lot of online startups

who have been disrupting what had

been a very stable and comfortable space for people

like Thomas Cook.

Other investors, if you look at people who have bonds,

for example, or loans extended to Thomas Cook,

they will probably get back less than expected

as a result of this being an insolvency process rather

than an administration.

When Monarch Airlines went under, parts of it were bought.

And that meant that more went back to debt investors

than would have otherwise been the case.

The interesting question is what credit default swap investors

get because there is a theory which

is abroad at the city this morning

that what happened here was that investors in credit default

swaps, which pay out when a business can no longer meet

its loan or bonds obligations, may have encouraged

this collapse and also nudged it in the direction

of an insolvency rather than an administration.

That could be a very politically explosive conclusion,

if it's correct.