Thomas Cook, the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of travellers around the globe and launching the biggest peacetime repatriation effort in British history.

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Thomas Cook has entered into compulsory liquidation. Speaking on the crisis, Thomas Cook CEO said, "I apologise".

One of its customers has said that a hotel in Tunisia stopped them leaving. However, a UK minister has said that no one will be left stranded. 

Thomas Cook collapses: What next and why?

Thomas Cook battles for survival ahead of the final creditor meeting and is in talks with the UK government, investors for a rescue deal.

The travel company was scrambling for $250 million to avert collapse, however, its restructuring plan was overshadowed by CDS dispute. 

(More details awaited...)