Thousands of jobs are at risk, and around 165-thousand holidaymakers could have their trips cut short.
The Mayor of Greater Manchester is calling on the Prime Minister to intervene urgently in the crisis facing Thomas Cook.
The firm employs over 3,000 people in Greater Manchester at both Manchester Airport and in other businesses including high street shops. It is suggested that today is make-or-break for the company and that the situation is rescuable but much more likely to happen with Government support.
Andy Burnham said: “I have been monitoring this situation closely and am now extremely concerned about the future of Thomas Cook, its customers and staff - more than 3,000 of whom are based in Greater Manchester.
“I understand that the airline is viable and that there is a rescue package that can be done. But time is running out. Any rescue package needs to be put in place today and is much more likely to happen if there is some form of UK Government support. If the company collapses, the taxpayer could end up facing a much bigger bill.
“Given that this affects so many people in Greater Manchester, I am calling on the Prime Minister to intervene today and do all he can today to save this great name of the British high street.”