http://www.bloomberg.com/apps/news?pid=20601102&sid=aADarxEjZ53w&refer=uk
U.K.'s XL Travel Group Crashes, Thousands Stranded (Update1)
By Tom Biesheuvel and Chris Peterson
Sept. 12 (Bloomberg) -- XL Leisure Group Plc, the U.K.'s third largest
tour operator, went into administration early today, leaving tens of
thousands of passengers stranded, with the company blaming rising fuel
costs and the economic slowdown.
The U.K.'s Civil Aviation Administration said as many as 89,000 people
could be stranded overseas with another 200,000 holding advanced
bookings with the privately held company and its units.
XL Leisure, XL Airways UK Ltd., Excel Aviation Ltd., Explorer House
Ltd., Aspire Holidays Ltd., Freedom Flights Ltd., Freedom Flights
(Aviation) Ltd., The Really Great Holiday Company Plc, Medlife Hotels
Ltd., Travel City Flights Ltd. and Kosmar Villa Holidays Plc are all
in administration, XL said in a statement on its Web site this
morning.
``The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were unable
to obtain further funding,'' XL said in the statement.