Of all the European airline failures this year, perhaps the biggest shock was that of Thomas Cook, whose collapse prompted the largest peacetime repatriation exercise in UK history. Some 150,000 UK passengers were stranded overseas when Thomas Cook ceased operations—more than twice the number stranded by Monarch Airline’s failure two years earlier. The company’s exit on Sept. 23 also ended or put at risk some 22,000 jobs.  Thomas Cook had secured a £900 million ...

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